India's direct tax collection grows 20% to Rs 18.90 lakh crore till March 17

India's direct tax collections for the Financial Year (FY) 2023-24 have witnessed a significant upswing, with net collection reaching Rs 18.90 lakh crore till March 17, marking a 19.88 percent increase compared to the previous fiscal year.

"The Net Direct Tax collection of Rs 18,90,259 crore (as on 17.03.2024) includes Corporation Tax (CIT) at Rs 9,14,469 crore (net of refund) and Personal Income Tax (PIT) including Securities Transaction Tax (STT) at Rs 9,72,224 crore (net of refund)," the Ministry of Finance said in a statement.

The gross collection of direct taxes (before adjusting for refunds) for FY 2023-24 stands at Rs 22,27,067 crore compared to Rs 18,75,535 crore in the corresponding period of the preceding financial year, showing a growth of 18.74 percent over the collections of FY 2022-23.

"The Gross collection of Rs 22,27,067 crore includes Corporation Tax (CIT) at Rs 10,98,183 crore and Personal Income Tax (PIT) including Securities Transaction Tax (STT) at Rs 11,25,228 crore," said the Ministry of Finance.

The data further stated the minor head-wise collections, which comprise advance tax of Rs 9,11,534 crore, tax deducted at source of Rs 10,44,511 crore, self-assessment tax of Rs 1,73,296 crore, regular assessment tax of Rs 73,548 crore, and tax under other minor heads of Rs 24,177 crore.

Additionally, the provisional figures of total advance tax collections for FY 2023-24 as of March 17, 2024, saw a rise to Rs 9,11,534 crore by 22.31 percent, compared to Rs 7,45,246 crore in the same period for FY 2022-23.

The advance tax collection of Rs 9,11,534 crore comprises corporation tax (CIT) at Rs 6,72,899 crore and Personal Income Tax (PIT) at Rs 2,38,628 crore.

Refunds amounting to Rs 3,36,808 crore have also been issued in FY 2023-24 till March 17, 2024, compared to refunds of Rs 2,98,758 crore issued in FY 2022-23, marking an increase of 12.74 percent over the refunds issued during the same period in the preceding year.