Gross direct tax collections up 12.73%

The Gross Direct Tax collections for the Financial Year (FY) 2023-24 witnessed a growth of 12.73%. Similarly, the Net Direct Tax collections for the FY 2023-24 have grown at a rate of over 11.18%.

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The Advance Tax collections for the FY 2023-24, as of 17th June 2023, have reached Rs. 1,16,776 crore, indicating a growth of 13.70%. Additionally, refunds totalling Rs. 39,578 crore have been issued during the current fiscal year.

As of June 2023, the Direct Tax collections for the Financial Year 2023-24 have reached Rs. 3,79,760 crore. This is an increase of 11.18% compared to the same period in the previous Financial Year.

The Net Direct Tax collection of Rs. 3,79,760 crore includes Corporation Tax (CIT) at Rs. 1,56,949 crore (net of refund) and Personal Income Tax (PIT) including Securities Transaction Tax(STT) at Rs. 2,22,196 crore (net of refund).

The Gross collection of Direct Taxes for the FY 2023-24, before accounting for refunds, amounts to Rs. 4,19,338 crore as compared to Rs. 3,71,982 crore in the corresponding period of the preceding financial year. This indicates a growth of 12.73%.

The Gross collection of Direct Taxes amounts to Rs. 4,19,338 crore which includes Corporation Tax (CIT) contributes Rs. 1,87,311 crore and Personal Income Tax (PIT), and Securities Transaction Tax (STT) contributes Rs. 2,31,391 crore. Additionally, the collection includes 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.