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The Indian government has released the provisional figures for the direct tax collections for the fiscal year 2023-24.
The government reported a 23.51% increase in net collections of direct taxes amounting to Rs 8,65,117 crore, as compared to Rs 7,00,416 crore recorded in the same period during the fiscal year 2022-23.
The net collections comprise of Corporation Tax (CIT), netting Rs 4,16,217 crore and Personal Income Tax (PIT), including Securities Transaction Tax (STT), amounting to Rs 4,47,291 crore, both figures being net of refund.
Gross collection of direct taxes
When it comes to the gross collection of direct taxes, before adjusting for refunds, the figures stand at a robust Rs 9,87,061 crore, a growth of 18.29% compared to Rs 8,34,469 crore in the corresponding period of the previous fiscal year.
It's worth mentioning that the gross collection includes Rs 4,71,692 crore from Corporation Tax (CIT) and Rs 5,13,724 crore from Personal Income Tax (PIT), inclusive of Securities Transaction Tax (STT).
The breakdown of the collection includes various components such as Advance Tax, Tax Deducted at Source, Self-Assessment Tax, Regular Assessment Tax, and other minor heads of tax.
Advance tax collections
The provisional data also highlights a growth in advance tax collections, which have reached Rs 3,55,481 crore, marking a 20.73% increase compared to Rs 2,94,433 crore collected during the same period in the fiscal year 2022-23.
The data comprises Rs 2,80,620 crore from Corporation Tax (CIT) and Rs 74,858 crore from Personal Income Tax (PIT).
Refunds issued
Alongside the collection data, the report also mentions the refunds issued during this period. A total of Rs 1,21,944 crore has been refunded to taxpayers in the fiscal year 2023-24, as of September 16, 2023.
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