Centre's direct tax collections increase 23.5% to Rs. 8.65L crore
The Indian government has reported a 23.5% increase in provisional direct tax collections, reaching Rs. 8,65,117 crore as of September 16, 2023. This growth reflects the government's successful efforts in enforcement and technology utilization in the tax collection process. The Central Board of Direct Taxes has also reported an 18.29% growth in the gross collection of direct taxes for the financial year 2023-24.
Breakdown of provisional direct tax collections
The provisional direct tax collections consist of corporation tax (CIT) at Rs. 4,16,217 crore (net of refund) and personal income tax (PIT) including securities transaction tax (STT) at Rs. 4,47,291 crore (net of refund). The Centre has issued refunds amounting to Rs. 1,21,944 crore in the current fiscal year until September 16. The gross collection of direct taxes stands at Rs. 9,87,061 crore compared to Rs. 8,34,469 crore in the same period of the previous financial year.
Advance tax collections rose by 20.7%
The provisional advance tax collections for the current fiscal year until September 16 stood at Rs. 3,55,481 crore. This marks a 20.7% increase from the previous fiscal year's corresponding period. The advance tax collection includes CIT of Rs. 2,80,620 crore and PIT of Rs. 74,858 crore. The gross collection of direct taxes for FY 2023-24 includes CIT at Rs. 4,71,692 crore and PIT including STT at Rs. 5,13,724 crore.
TDS collection stood at nearly Rs. 5.2 lakh crore
The minor head-wise collection includes an advance tax of Rs. 3,55,481 crore, self-assessment tax of Rs. 82,460 crore, and tax deducted at source of Rs. 5,19,696 crore. Regular assessment tax of Rs. 21,175 crore and tax under other minor heads of Rs. 8,248 crore are also included in the minor head-wise collection. The government's efforts in enforcement and technology utilization are bearing fruits when it comes to tax collection.
