Centre’s direct tax collections jump 23.5% to ₹8.65 lakh crore, advance tax collections up by 20.7%

The provisional direct tax collections of the government reached ₹8,65,117 crore as of 16 September. The collections witnessed a 23.5% jump from the corresponding period of the last fiscal during which the collections was ₹7,00,416 crore. The government has issued refunds amounting to ₹Rs. 1,21,944 crore in fiscal year 2023-24 till 16 September.

The direct tax collections include Corporation Tax (CIT) of ₹4,16,217 crore (net of refund) and Personal Income Tax (PIT) including Securities Transaction Tax (STT) of ₹4,47,291 crore (net of refund).

“The provisional figures of Gross collection of Direct Taxes (before adjusting for refunds) for the Financial Year 2023-24 stands at Rs. 9,87,061 crore compared to Rs. 8,34,469 crore in the corresponding period of the preceding financial year, showing a growth of 18.29%,” the release from Central Board of Direct Taxes said.

Advance tax collections up by 20.7%

The provisional advance tax collections for this fiscal year till 16 September stood at ₹3,55,481 crore which is 20.7% higher than advance tax collections of ₹2,94,433 crore for the corresponding period last fiscal year. The advance tax collection of ₹3,55,481 crore as of 16 September comprises Corporation Tax (CIT) of ₹2,80,620 crore and Personal Income Tax (PIT) of ₹74,858 crore.

“The Gross collection of ₹9,87,061 crore includes Corporation Tax (CIT) at ₹4,71,692 crore and Personal Income Tax (PIT) including Securities Transaction Tax (STT) at ₹5,13,724 crore. The minor head-wise collection comprises Advance Tax of ₹3,55,481 crore; Tax Deducted at Source of ₹5,19,696 crore; Self-Assessment Tax of ₹82,460 crore; Regular Assessment Tax of ₹21,175 crore; and Tax under other minor heads of ₹8,248 crore,” the release added.

The growing direct tax collection displays success in the government's efforts on enforcement and use of technology in the tax collection process.