New Delhi: Higher advance tax collection helped net direct tax kitty swell 11 per cent to Rs 3.80 lakh crore so far this fiscal, a reflection of economic activity gaining traction.
The Net Direct Tax collection of Rs 3,79,760 crore (as of June 17, 2023) includes 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 Finance ministry said.
The Advance Tax collections for Q1 FY24 stood at Rs 1,16,776 crore as of June 17, reflecting a growth of 13.70 per cent over Q1 FY23. This includes CIT of Rs 92,784 crore and PIT of Rs 23,991 crore.
On a gross basis, before adjusting refunds, the tax collection stood at Rs 4.19 lakh crore, a 12.73 per cent growth over the same period last fiscal. Gross CIT and PIT mop up was Rs 1.87 lakh crore and Rs 2.31 lakh crore respectively. Refunds amounting to Rs 39,578 crore have been issued till June 17, a 30 per cent growth over FY23.
The FY24 budget has pegged direct tax collection at a little over Rs 18.23 lakh crore, a 9.75 per cent growth over Rs 16.61 lakh crore mopped up in last fiscal.