Gross Direct Tax collections for FY23-24 registers a growth of 12.73%

The figures of Direct Tax collections for the Financial Year 2023-24, as on 17.06.2023 show that net collections are at Rs 3,79,760 crore, compared to Rs 3,41,568 crore in the corresponding period of the preceding Financial Year i.e. FY 2022-23, representing an increase of 11.18%.

As per the Ministry of Finance report, the Net Direct Tax collection of Rs 3,79,760 crore (as on June 17, 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).

Further, the Gross collection of Direct Taxes (before adjusting for refunds) for the FY 2023-24 stands at Rs 4,19,338 crore as compared to Rs 3,71,982 crore in the corresponding period of the preceding financial year, registering a growth of 12.73% over collections of FY23.

The Gross collection of Rs 4,19,338 crore includes Corporation Tax (CIT) at Rs 1,87,311 crore and Personal Income Tax (PIT) including Securities Transaction Tax (STT) at Rs 2,31,391 crore. 

The Advance Tax collections for the first quarter of the FY 2023-24 stand at Rs 1,16,776 crore as on June 17, 2023, against Advance Tax collections of Rs 1,02,707 crore for the corresponding period of the immediately preceding Financial Year i.e. 2022-23, showing a growth of 13.70%, the ministry said in the report.

Source: Media reports