Net direct tax collection rises 11 per cent to Rs 3.80 lakh crore till June 17

Thefigures of direct tax collections for the Financial Year 2023-24show thatnet Direct Tax collections are at Rs 3.79 lakh crore, compared to Rs 3.41 lakh crore in the corresponding period of the preceding financial year, representing an increase of 11.18%.

The net direct toll collection of Rs 3,79,760 crore (as on June 17) 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 gross collection of direct tolls (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 FY 2022-23.

The gross collection of Rs 4,19,338 crore includes CIT at Rs 1,87,311 crore and Personal Income Tax (PIT) including Securities Transaction Tax(STT) at Rs 2,31,391 crore. Minor head wise collection comprises Advance levy of Rs 1,16,776 crore; levy Deducted at Source of Rs 2,71,849 crore; Self-Assessment fees of Rs 18,128 crore; Regular Assessment fees of Rs 9,977 crore; and fees under other minor heads of Rs 2,607 crore.

The Advance Toll collections for the first quarter of the FY 2023-24 stand at Rs 1,16,776 crore as on June 17, 2023, against Advance Toll 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 Advance fees collection of Rs 1,16,776 crore as on June 17 comprises Corporation Tax (CIT) at Rs 92,784 crore and PIT at Rs 23,991 crore.

Refunds amounting to Rs 39,578 crore have also been issued in the FY 2023-24 till June 17, as against refunds of Rs 30,414 crore issued during the corresponding period in the preceding Financial Year 2022-23, showing a growth of 30.13%.

With Thanks Reference To : https://www.tribuneindia.com/news/business/net-direct-tax-collection-rises-11-per-cent-to-rs-3-80-lakh-crore-till-june-17-518229