The Central government mopped up Rs 3.80 lakh crore in April-June 17 of fiscal 2023-24 as direct tax, net of refunds, marking a growth of 11.18 percent year-on-year, government data released on Sunday showed. The same was Rs 3.41 crore in the corresponding period of preceding fiscal FY23.
“The Net Direct Tax collection of Rs 3,79,760 crore (as on 17.06.2023) include Corporation Tax (CIT) at Rs. 1,56,949 crore (net of refund) and Personal Income Tax (PIT) including Securities Transaction Tax(STT) at Rs. 2,22,196 crore (net of refund),” the Finance Ministry said in a statement.
The gross collection of direct taxes, before adjusting for refunds for FY24 came in at Rs 4.19 crore, compared to Rs 3.71 crore in the corresponding period of the preceding financial year, registering a growth of 12.73 percent over collections of FY23.
Refunds amounting to Rs 39,578 crore have also been issued so far this fiscal, as against refunds of Rs 30,414 crore issued during the corresponding period of previous fiscal FY23, showing a growth of 30.13 percent.
Meanwhile, the advance tax collections for the first quarter of the FY24 came in at Rs 1.16 crore, compared to Rs 1.02 crore in the year-ago quarter of last fiscal, showing a growth of 13.70 percent.
“The advance tax collection of Rs 1,16,776 crore as on 17.06.2023 comprises Corporation Tax (CIT) at Rs 92,784 crore and Personal Income Tax (PIT) at Rs 23,991 crore,” the government statement read. (CNBC)
