The Union finance ministry on Monday reported 18.29% annualised growth in the gross direct tax revenues at ₹9.87 lakh crore in the current financial year as on September 16, 2023, a finance ministry statement said.
Direct Tax collection, net of refunds, stands at ₹8.65 lakh crore, which is 23.51% higher than the net collections for the corresponding period of last year.
The net collections of ₹8,65,117 crore, include Corporation Tax (CIT) at ₹4,16,217 crore (net of refund) and Personal Income Tax (PIT) including Securities Transaction Tax (STT) at ₹4,47,291 crore (net of refund).
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The gross collection of ₹9,87,061 crore includes Corporation Tax (CIT) at ₹4,71,692 crore and Personal Income Tax (PIT) including Securities Transaction Tax (STT) at ₹5,13,724 crore, it said.
“Minor head wise collection comprises advance tax of ₹3,55,481 crore; tax deducted at source (TDS) of ₹5,19,696 crore; self-assessment tax of ₹82,460 crore; regular assessment tax of ₹21,175 crore; and tax under other minor heads of ₹8,248 crore,” it said.
Provisional figures of advance tax collections for financial year 2023-24 (as on 16.09.2023) stand at ₹3,55,481 crore, against advance tax collections of ₹2,94,433 crore for the corresponding period of the immediately preceding financial year that is 2022-23, showing a growth of 20.73%.
The advance tax collection of ₹3,55,481 crore, as on 16.09.2023 comprises Corporation Tax (CIT) at ₹2,80,620 crore and Personal Income Tax (PIT) at ₹74,858 crore.
Refunds amounting to ₹1,21,944 crore have also been issued in the FY 2023-24 till 16.09.2023, it added.