“Direct Tax Collections Surge in FY 2023-24”

Provisional figures released by the Income Tax Department reveal a significant surge in direct tax collections for the Financial Year 2023-24. As of March 17, 2024, the net collections totaled Rs 18,90,259 crore, exhibiting a notable increase of 19.88% compared to the corresponding period of the previous fiscal year.

Breaking down the figures, Corporation Tax (CIT) contributed Rs 9,14,469 crore to the net collection, while Personal Income Tax (PIT), including Securities Transaction Tax (STT), accounted for Rs 9,72,224 crore.

The gross collection of direct taxes, before adjusting for refunds, amounted to Rs 22,27,067 crore for FY 2023-24, marking a growth of 18.74% over the previous fiscal year. Within this, CIT contributed Rs 10,98,183 crore and PIT, including STT, contributed Rs 11,25,228 crore.

Further analysis reveals that total Advance Tax collections for FY 2023-24 stood at Rs 9,11,534 crore, showcasing a substantial growth of 22.31% compared to the corresponding period of FY 2022-23. This comprises CIT of Rs 6,72,899 crore and PIT of Rs 2,38,628 crore.

Additionally, refunds totaling Rs 3,36,808 crore have been issued in FY 2023-24 as of March 17, 2024, indicating a 12.74% increase over the refunds issued during the same period in the preceding fiscal year.