Gross Direct Tax collections for FY 2023-24 see 12.73 pc growth

New Delhi [India], June 18 : The Gross Direct Tax collections for Financial Year (FY) 2023-24 registered a growth of 12.73 per cent, an official statement issued by the Government said on Sunday.

According to the official data released by the government, "The Gross collection of Direct Taxes (before adjusting for refunds) for the FY 2023-24 stands at Rs 4,19,338 crore as compared to Rs 3,71,982 crore in the corresponding period of the preceding financial year, registering a growth of 12.73 per cent over collections of FY 2022-23."

It further mentioned that the Net Direct Tax collections for the FY 2023-24 have grown at over 11.18 per cent.

"The figures of Direct Tax collections for the Financial Year 2023-24, as on June 17 show that net collections are at Rs 3,79,760 crore, compared to Rs 3,41,568 crore in the corresponding period of the preceding Financial Year i.e. FY 2022-23, representing an increase of 11.18 per cent," the statement said.

It also mentioned that the Net Direct Tax collection of Rs 3,79,760 crore (as on June 17) 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 Rs. 4,19,338 crore includes Corporation Tax (CIT) at Rs. 1,87,311 crore and Personal Income Tax (PIT), including Securities Transaction Tax(STT) at Rs. 2,31,391 crore.

The minor head-wise collection comprises Advance Tax of Rs. 1,16,776 crore; Tax Deducted at Source at Rs. 2,71,849 crore; Self-Assessment Tax at Rs. 18,128 crore; Regular Assessment Tax at Rs. 9,977 crore; and Tax under other minor heads at Rs. 2,607 crore.

The data revealed further that the advance tax collections for the FY 2023-24 stand at Rs. 1,16,776 crore as of June 17, showing a growth of 13.70 per cent.

"The Advance Tax collections for the first quarter of the FY 2023-24 stand at Rs 1,16,776 crore as on June 17, against Advance Tax collections of Rs 1,02,707 crore for the corresponding period of the immediately preceding Financial Year i.e. 2022-23, showing a growth of 13.70 per cent," it said.

"The Advance Tax collection of Rs. 1,16,776 crore as on 17.06.2023 comprises Corporation Tax (CIT) at Rs. 92,784 crore and Personal Income Tax (PIT) at Rs. 23,991 crore," it added.

According to the official statement, the refunds aggregating to Rs 39,578 crore were issued in the current fiscal.

"Refunds amounting to Rs 39,578 crore have also been issued in the FY 2023-24 till June 17, as against refunds of Rs 30,414 crore issued during the corresponding period in the preceding Financial Year 2022-23, showing a growth of 30.13 per cent," it said.

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