Due to a higher advance tax mop up, net direct tax collection increased by 11% to 3.80 lakh crore
The net direct tax kitty increased 11% to Rs 3.80 lakh crore so far this fiscal year thanks to increased advance tax collection, a sign of accelerating economic activity. According to a statement from the Finance ministry, personal income tax (PIT) comprising securities transaction tax (STT) was collected at a rate of Rs 2,22,196 crore and corporate tax (CIT) at a rate of Rs 1,56,949 crore as of June 17, 2023.
As of June 17, 2023–24’s April–June quarter Advance Tax receipts were Rs 1,16,776 crore, up 13.70% from the same time the previous fiscal. Included in this are PIT of Rs 23,991 crore and CIT of Rs 92,784 crore.
Before accounting for refunds, the tax collection was at Rs 4.19 lakh crore on a gross basis, up 12.73 percent over the same time the previous year. There were Rs 1.87 lakh crore and Rs 2.31 lakh crore in gross CIT and PIT mop up, respectively. Up till June 17, refunds of Rs 39,578 crore have been given, a 30% increase from the previous year.
Direct tax revenue is expected to be just over Rs 18.23 lakh crore in the 2023–24 budget, up 9.75 percent from the Rs 16.61 lakh crore collected in the previous fiscal.
