India's direct tax collection rises 11.2% to Rs 3.79 lakh crore in FY24 so far

India's net direct tax collection from April 1 to June 17 of FY 2023-24 rose by 11.18 per cent to Rs 3,79,760 crore, the Ministry of Finance said on Sunday. In the corresponding period of the preceding financial year, the collection was Rs 3,41,568 crore. 

"The Net Direct Tax collection of Rs 3,79,760 crore include Corporation Tax (CIT) at Rs 1,56,949 crore and Personal Income Tax (PIT) including Securities Transaction Tax(STT) at Rs. 2,22,196 crore," the ministry said.

The gross collection (before adjusting for refunds) for the FY 2023-24 stood 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 per cent over collections of FY 2022-23.

The gross collection includes CIT at Rs 1,87,311 crore and PIT including STT at Rs 2,31,391 crore.

"Minor head-wise collection comprises Advance Tax of Rs 1,16,776 crore; Tax Deducted at Source of Rs 2,71,849 crore; Self-Assessment Tax of Rs 18,128 crore; Regular Assessment Tax of Rs 9,977 crore; and Tax under other minor heads of Rs 2,607 crore," the data showed.

The advance tax collections for the first quarter of the FY 2023-24 stood at Rs 1,16,776 crore as on June 17, against the collections of Rs 1,02,707 crore for the corresponding period of the preceding financial year showing a growth of 13.70 per cent.

The advance tax collection of Rs 1,16,776 crore comprised 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 17.06.2023, 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 per cent," the ministry said.