Direct Tax Collection Witnessed a Growth of ~19.88% in FY24

On March 19, 2024, the Ministry of Finance announced the provisional figures of Direct Tax collections for the FY 2023-24 (as of March 17, 2024). The net collections for the period stood at ₹18,90,259 crore as compared to ₹15,76,776 crore in FY 2022- 2023, reflecting a growth of 19.88%. The net direct tax collection includes corporation tax (CIT) ₹9,14,469 crore (net of refund) and Personal Income Tax (PIT), including Securities Transaction Tax (STT) of ₹9,72,224 crore (net of refund).

The gross collection of direct taxes for FY 2023–24 (before refunds are deducted) was ₹22,27,067 crore, up 18.74% from the previous financial year’s corresponding period of ₹ 18,75,535 crore. The gross collection includes corporation tax (CIT) at ₹10,98,183 crore and personal income tax (PIT), including Securities Transaction Tax (STT) of ₹11,25,228 crore. Minor head-wise collection comprises Advance Tax of ₹9,11,534 crore; Tax Deducted at Source of ₹10,44,511 crore; Self-Assessment Tax of ₹1,73,296 crore; Regular Assessment Tax of ₹73,548 crore; and tax under other minor heads of ₹24,177 crore.

As of March 17, 2024, the provisional total advance tax collections for the Financial Year 2023–24 were ₹9,11,534 crore, up 22.31% from the Advance Tax collections of ₹7,45,246 crore for the same period in the Financial Year 2022–2023 (i.e., FY 2022-23). The Corporation Tax (CIT) collection of ₹6,72,899 crore and the Personal Income Tax (PIT) collection of ₹2,38,628 crore make up the ₹9,11,534 crore Advance Tax collection.

In addition, reimbursements of ₹3,36,808 crore were issued in the FY 2023–24 through March 17, 2024, up from ₹2,98,758 crore in the FY 2022–23. This is a 12.74% increase in refunds compared to the same period in the previous year.

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