Economy
Direct Tax Collection Jumps 23.5 Per Cent, Reaching Rs 8.65 Lakh Crore So Far This Fiscal
Government's provisional direct tax collections have shown significant increase of 23.5 per cent compared to the same period last fiscal year.
The government's provisional direct tax collection has reached Rs 8,65,117 crore as of 16 September, showing a significant increase of 23.5 per cent compared to the same period last fiscal year when collection was Rs 7,00,416 crore.
In the fiscal year (FY) 2023-24, the government has issued refunds totaling Rs 1,21,944 crore as of 16 September.
The direct tax collections consist of Rs 4,16,217 crore of Corporation Tax (CIT) after deducting refunds, and Rs 4,47,291 crore of Personal Income Tax (PIT) including securities transaction tax (STT), after deducting refunds.
According to a release from the Central Board of Direct Taxes, the provisional figures for the gross collection of direct taxes for the FY 2023-24 is Rs 9,87,061 crore, compared to Rs 8,34,469 crore in the same period of the previous financial year.
This represents a growth of 18.29 per cent. The advance tax collections have increased by 20.7 per cent.
As of 16 September, the provisional advance tax collections for this fiscal year amounted to Rs 3,55,481 crore, which is 20.7 per cent higher than the advance tax collections of Rs 2,94,433 crore in the corresponding period of the previous fiscal year.
The advance tax collection of Rs 3,55,481 crore includes Rs 2,80,620 crore of CIT and Rs 74,858 crore of PIT.
The gross collection of Rs 9,87,061 crore consists of Rs 4,71,692 crore of CIT and Rs 5,13,724 crore of PIT including STT.
The minor head-wise collection includes advance tax of Rs 3,55,481 crore, tax deducted at source of Rs 5,19,696 crore, self-assessment tax of Rs 82,460 crore, regular assessment tax of Rs 21,175 crore, and tax under other minor heads of Rs 8,248 crore, as stated in the release.
The government's success in enforcing tax collection and implementing technology is evident in the increasing amount of direct tax collected.
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