Direct tax collections up by 11.18% in FY24 till June 17

This growth has been attributed to higher advance tax collections

June 19, 2023

Advance tax collections for the April-June quarter of 2023-24 amounted to INR 1,16,776 crore as of June 17

Corporation tax stood at INR 1.56 trillion

Personal Income Tax (PIT), including Securities Transaction Tax (STT) reached INR 2.22 trillion

Refunds amounting to INR 39,578 crore have been issued until June 17, reflecting a growth of 30% compared to the same period last year

India’s net direct tax collection for the FY24 until June 17 has increased by 11.18% to reach INR 3.80 lakh crore, according to the Ministry of Finance. This growth has been attributed to higher advance tax collections. 

Specifically, the advance tax collections for the April-June quarter of 2023-24 amounted to INR 1,16,776 crore as of June 17, showing a growth of 13.70% compared to the same period last fiscal year.

The net direct tax collection of INR 3,79,760 crore (as of June 17, 2023) includes corporation tax (CIT) at INR 1,56,949 crore and Personal Income Tax (PIT), including Securities Transaction Tax (STT), at INR 2,22,196 crore, as stated by the ministry.

On a gross basis, before adjusting for refunds, the collection stood at INR 4.19 lakh crore, representing a growth of 12.73% over the corresponding period for FY23. This gross collection includes corporation tax (CIT) at INR 1.87 lakh crore and personal income tax (PIT), including Securities Transaction Tax (STT), at INR 2.31 lakh crore.
Furthermore, refunds amounting to INR 39,578 crore have been issued until June 17, reflecting a growth of 30% compared to the previous year.

Source: Financial Express

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