Central Govt Direct Tax Collection Soar 23.5% To Rs 8.65 Lakh Crore

The central government, on Monday, said that the provisional direct tax collections have surged to ₹8,65,117 crore, marking a substantial 23.5% increase compared to the same period in the previous fiscal year when collections stood at ₹7,00,416 crore, as of September 16.

Furthermore, in the fiscal year 2023-24 up to September 16, the government has disbursed refunds amounting to ₹1,21,944 crore.

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Direct tax collections encompass ₹4,16,217 crore in Corporation Tax (CIT) (net of refunds) and ₹4,47,291 crore in Personal Income Tax (PIT), which includes Securities Transaction Tax (STT) (net of refunds).

As of September 16th, the provisional advance tax collections for the current fiscal year have reached ₹3,55,481 crore, marking a significant 20.7% increase compared to the advance tax collections of ₹2,94,433 crore during the same period in the previous fiscal year.

“The Advance Tax collection of Rs. 3,55,481 crore as on 16.09.2023 comprises Corporation Tax (CIT) at Rs. 2,80,620 crore and Personal Income Tax (PIT) at Rs. 74,858 crore," the central govt said in a statement.

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“The Gross collection of Rs. 9,87,061 crore includes Corporation Tax (CIT) at Rs. 4,71,692 crore and Personal Income Tax (PIT) including Securities Transaction Tax (STT) at Rs. 5,13,724 crore. Minor head wise collection comprises Advance Tax of Rs. 3,55,481 crore; Tax Deducted at Source of Rs. 5,19,696 crore; Self-Assessment Tax of Rs. 82,460 crore; Regular Assessment Tax of Rs. 21,175 crore; and Tax under other minor heads of Rs. 8,248 crore," the Central Board of Direct Taxes said.