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regular-article-logo Monday, 15 July 2024

India's direct tax collection surges by 23.51 per cent to over INR 8.65 lakh crore

Refunds of about Rs 1.22 lakh crore have been issued up to September 16: Finance Ministry

PTI New Delhi Published 18.09.23, 06:29 PM
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The net direct tax collection increased 23.51 per cent to over Rs 8.65 lakh crore till mid-September on higher advance tax mop-up from corporates, the Finance Ministry said on Monday.

The net collections have reached 47.45 per cent of the full-year budget estimates (BE) of Rs 18.23 lakh crore.

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The steady growth in tax collection was helped by a 21 per cent growth in advance tax mop-up. September 15 was the last date for paying the second instalment of advance tax for 2023-24.

In a statement, the ministry said the net direct tax collection includes corporate income tax (CIT) at Rs 4,16,217 crore and personal income tax (PIT), including Securities Transaction Tax (STT), at Rs 4,47,291 crore.

The net direct tax collection of Rs 8,65,117 crore for the current fiscal as of September 16 grew at over 23.51 per cent, the ministry said.

The advance tax collection stood at Rs 3.55 lakh crore till mid-September, a 21 per cent growth against Rs 2.94 lakh crore mopped up in the corresponding period of the preceding financial year.

The advance tax collection of Rs 3.55 lakh crore as of September 16 comprises CIT at Rs 2.80 lakh crore and PIT at Rs 74,858 crore.

Refunds of about Rs 1.22 lakh crore have been issued up to September 16.

On a gross basis, the direct tax collection for the financial year 2023-24 stands at Rs 9.87 lakh crore, an 18.29 per cent growth over Rs 8.34 lakh crore in the corresponding period of the preceding financial year.

The 2023-24 budget has pegged the direct tax collection at a little over Rs 18.23 lakh crore, a 9.75 per cent higher than Rs 16.61 lakh crore mopped up last fiscal.

Except for the headline, this story has not been edited by The Telegraph Online staff and has been published from a syndicated feed.

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