Centre's direct tax collections jump 23.5% to ₹8.65 lakh crore, advance tax collections up by 20.7% | Mint
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Business News/ Economy / Centre's direct tax collections jump 23.5% to 8.65 lakh crore, advance tax collections up by 20.7%
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Centre's direct tax collections jump 23.5% to ₹8.65 lakh crore, advance tax collections up by 20.7%

The direct tax collections include Corporation Tax of ₹4.16 lakh crore and Personal Income Tax including Securities Transaction Tax (STT) of ₹4.47 lakh crore

The collections witnessed a 23.5% jump from the corresponding period of the last fiscal Premium
The collections witnessed a 23.5% jump from the corresponding period of the last fiscal

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.

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ABOUT THE AUTHOR
Devesh Kumar
I cover politics, geo-politics, economy, and technology and have keen interest in understanding and analyzing the complex issues that shape our world. I am committed to delivering well-researched, balanced, and thought-provoking stories that provides insights into the key trends and developments.
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Published: 18 Sep 2023, 03:51 PM IST
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