Direct Tax Collections Surge in FY 2023-24, Reaches Rs. 18.9 Lakh Crore

New Delhi: The provisional figures of Direct Tax collections for the Financial Year 2023-24, as of March 17, 2024, have showcased a significant surge, reaching Rs. 18,90,259 crore. This marks a substantial increase from Rs. 15,76,776 crore recorded in the corresponding period of the previous Financial Year, reflecting a growth rate of 19.88%.

The Net Direct Tax collection of Rs. 18,90,259 crore includes Corporation Tax (CIT) at Rs. 9,14,469 crore (net of refund) and Personal Income Tax (PIT) including Securities Transaction Tax (STT) at Rs. 9,72,224 crore (net of refund).

The provisional figures of Gross collection of Direct Taxes (before adjusting for refunds) for the Financial Year 2023-24 stand at Rs. 22,27,067 crore compared to Rs. 18,75,535 crore in the corresponding period of the preceding financial year, indicating a growth of 18.74% over the collections of FY 2022-23.

The Gross collection of Rs. 22,27,067 crore includes Corporation Tax (CIT) at Rs. 10,98,183 crore and Personal Income Tax (PIT) including Securities Transaction Tax (STT) at Rs. 11,25,228 crore. It also comprises minor head wise collections such as Advance Tax, Tax Deducted at Source, Self-Assessment Tax, Regular Assessment Tax, and Tax under other minor heads.

The provisional figures of total Advance Tax collections for Financial Year 2023-24 stand at Rs. 9,11,534 crore, reflecting a growth of 22.31% compared to the corresponding period of the previous Financial Year. The Advance Tax collection of Rs. 9,11,534 crore includes Corporation Tax (CIT) at Rs. 6,72,899 crore and Personal Income Tax (PIT) at Rs. 2,38,628 crore.

Moreover, refunds amounting to Rs. 3,36,808 crore have been issued in the FY 2023-24 till March 17, 2024, witnessing an increase of 12.74% over the refunds issued during the same period in the preceding year.