The Ministry of Finance, Government of India, has released the provisional figures for Direct Tax collections for the Financial Year 2023-24 as of September 16, 2023. These figures not only reflect a robust performance in India’s tax revenue collection but also provide insights into the fiscal health of the nation.
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Net Direct Tax Collections Surge by 23.51%
One of the standout achievements is the remarkable growth in net Direct Tax collections. As of September 16, 2023, these collections have reached an impressive Rs. 8,65,117 crore. This significant figure represents a substantial increase of 23.51% compared to the same period in the preceding Financial Year (FY 2022-23), when collections stood at Rs. 7,00,416 crore.
The components of net Direct Tax collections include Corporation Tax (CIT) at Rs. 4,16,217 crore (net of refunds) and Personal Income Tax (PIT), which includes Securities Transaction Tax (STT), at Rs. 4,47,291 crore (net of refunds).
Gross Direct Tax Collections Witness an 18.29% Growth
The provisional figures for Gross Direct Tax collections (before adjusting for refunds) in FY 2023-24 stand at a substantial Rs. 9,87,061 crore. This reflects an impressive growth rate of 18.29% compared to the corresponding period in the previous financial year, when collections were at Rs. 8,34,469 crore.
The Gross collection 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. Further categorization reveals that Advance Tax accounts for Rs. 3,55,481 crore, Tax Deducted at Source amounts to Rs. 5,19,696 crore, Self-Assessment Tax stands at Rs. 82,460 crore, Regular Assessment Tax is at Rs. 21,175 crore, and Tax under other minor heads amounts to Rs. 8,248 crore.
Significant Growth in Advance Tax Collections
Advance Tax collections for FY 2023-24, as of September 16, 2023, have reached a commendable Rs. 3,55,481 crore. This marks an impressive growth of 20.73% compared to the corresponding period in the immediately preceding Financial Year (FY 2022-23), when collections were at Rs. 2,94,433 crore. The Advance Tax collection of Rs. 3,55,481 crore comprises Corporation Tax (CIT) at Rs. 2,80,620 crore and Personal Income Tax (PIT) at Rs. 74,858 crore.
Refunds Issued
In addition to the robust tax collections, the Ministry of Finance has issued refunds totaling Rs. 1,21,944 crore in FY 2023-24 until September 16, 2023. These refunds are an integral part of the government’s commitment to ensuring a fair and efficient tax system.
These remarkable figures underscore the government’s unwavering commitment to fiscal responsibility and revenue generation. The growth in Direct Tax collections reflects a positive trend in the country’s economic landscape, reaffirming India’s position as a resilient and dynamic economy. The Ministry of Finance continues to monitor and manage the nation’s financial health diligently, laying the foundation for a prosperous future.
