Direct tax collections for FY23 jump 11 pc YoY, reaching Rs 3.80 lakh cr: Finance Ministry

The Finance Ministry stated on Sunday that the direct tax collection till June 17 this fiscal rose by 11.18 per cent to Rs 3.80 lakh crore.

 As of June 17, the Advance Tax collections for the April-June quarter of 2023-2024 stood at Rs. 1,16,776 crore, indicating a 13.70%  increase compared to the same period in the previous fiscal year.

In a statement, the ministry said that the corporation tax (CIT) will be Rs 1,56,949 crore and the personal income tax (PIT) will be Rs 2,22,196 crore, including the Securities Transaction Tax (STT).

Before adjusting for refunds, the gross collection was Rs 4.19 lakh crore, 12.73% increase over the same period in the previous fiscal year.

This includes Rs. 1.87 lakh crore in Corporation Tax (CIT) as well as Personal Income Tax (PIT) and Securities Transaction Tax (STT) in the amount of Rs 2.31 lakh crore.

Up until June 17, refunds totaled Rs 39,578 crore, a 30% increase from the previous year.

Before taking into account refunds, the gross collection for FY 2023-24 was Rs 4,19,338 crore, up 12.73 percent from the collections of FY 2022-23. 

This was compared to Rs 3,71,982 crore for the same period last year.

“Minor head-wise collection comprises Advance Tax of Rs 1,16,776 crore; Tax Deducted at Source of Rs 2,71,849 crore; Self-Assessment Tax of Rs 18,128 crore; Regular Assessment Tax of Rs 9,977 crore; and Tax under other minor heads of Rs 2,607 crore,” the data showed.

As of June 17, the advance tax collections for the first quarter of FY 2023-24 totaled Rs. 1,16,776 crore, compared to Rs. 1,02,707 crore for the corresponding period of the previous fiscal year, representing an increase of 13.70 percent.

CIT, valued at Rs 92,784 crore, and PIT, valued at Rs 23,991 crore, made up the advance tax collection of Rs 1,16,776 crore. 

The ministry stated, “Refunds amounting to Rs 39,578 crore have also been issued in the FY 2023-24 till 17.06.2023, as against refunds of Rs 30,414 crore issued during the corresponding period in the preceding Financial Year 2022-23, showing a growth of 30.13 per cent.”

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