India's Tax Revenue (Image Source: iStockphoto, TN Digital)
The provisional figures for Direct Tax collections in the Financial Year 2023-24, as of September 16, 2023, revealed a substantial increase in net collections, signifying a robust fiscal performance. The net collections have reached an impressive Rs 8,65,117 crore, compared to Rs 7,00,416 crore during the same period in the previous fiscal year (FY 2022-23). This marks a surge of 23.51 percent in tax revenue.
Breaking down these figures, the net Direct Tax collections of Rs 8,65,117 crore as of September 16, 2023, comprise Corporation Tax
(CIT) amounting to Rs 4,16,217 crore (net of refunds) and Personal Income Tax
(PIT), including Securities Transaction Tax (STT), totaling Rs 4,47,291 crore (net of refunds).
In addition to the net collections, the provisional figures for Gross collection of Direct Taxes (before refunds) in the Financial Year 2023-24 stand at Rs 9,87,061 crore. This reflects an 18.29 percent growth compared to the corresponding period in the previous fiscal year when it was Rs 8,34,469 crore.
The Gross collection of Rs. 9,87,061 crore encompasses Corporation Tax (CIT) amounting to Rs 4,71,692 crore and Personal Income Tax (PIT), including Securities Transaction Tax (STT), amounting to Rs. 5,13,724 crore. Additionally, minor head-wise collection details include Advance Tax of Rs 3,55,481 crore, Tax Deducted at Source of Rs. 5,19,696 crore, Self-Assessment Tax of Rs 82,460 crore, Regular Assessment Tax of Rs. 21,175 crore, and Tax under other minor heads of Rs 8,248 crore.
Further emphasizing the fiscal strength, Advance Tax collection
s for the Financial Year 2023-24, as of September 16, 2023, have reached Rs. 3,55,481 crore. This indicates a notable growth of 20.73 percent compared to the corresponding period in the immediately preceding Financial Year (FY 2022-23) when it amounted to Rs. 2,94,433 crore. The Advance Tax collection of Rs 3,55,481 crore comprises Corporation Tax at Rs. 2,80,620 crore and Personal Income Tax at Rs 74,858 crore.