New Delhi : The Direct Tax collections for the Financial Year 2023-24, as of 17th June 2023, reveal that the net collections amount to Rs. 3,79,760 crore. This represents an increase of 11.18% compared to the net collections of Rs. 3,41,568 crore in the corresponding period of the previous Financial Year, i.e., FY 2022-23.
The net Direct Tax collection of Rs. 3,79,760 crore (as of 17th June 2023) includes Corporation Tax (CIT) of Rs. 1,56,949 crore (net of refunds) and Personal Income Tax (PIT) including Securities Transaction Tax (STT) of Rs. 2,22,196 crore (net of refunds).
The Gross collection of Direct Taxes (before adjusting for refunds) for FY 2023-24 amounts to Rs. 4,19,338 crore, reflecting a growth of 12.73% over the collections of Rs. 3,71,982 crore in the corresponding period of the previous financial year, FY 2022-23.
The Gross collection of Rs. 4,19,338 crore includes Corporation Tax (CIT) of Rs. 1,87,311 crore and Personal Income Tax (PIT) including Securities Transaction Tax (STT) of Rs. 2,31,391 crore. The minor head-wise collection consists of Advance Tax of Rs. 1,16,776 crore; Tax Deducted at Source of Rs. 2,71,849 crore; Self-Assessment Tax of Rs. 18,128 crore; Regular Assessment Tax of Rs. 9,977 crore; and Tax under other minor heads of Rs. 2,607 crore.
The Advance Tax collections for the first quarter of FY 2023-24 stand at Rs. 1,16,776 crore as of 17th June 2023, exhibiting a growth of 13.70% compared to the Advance Tax collections of Rs. 1,02,707 crore for the corresponding period of the immediately preceding Financial Year, 2022-23. The Advance Tax collection of Rs. 1,16,776 crore as of 17th June 2023 comprises Corporation Tax (CIT) of Rs. 92,784 crore and Personal Income Tax (PIT) of Rs. 23,991 crore.
Furthermore, refunds totaling Rs. 39,578 crore have been issued in FY 2023-24 until 17th June 2023, indicating a growth of 30.13% compared to the refunds of Rs. 30,414 crore issued during the corresponding period in the preceding Financial Year, 2022-23.