Total direct tax collections in FY 2024 increased by 18.74% over FY 2023-24. The provisional figure for total direct tax collection (before refund adjustment) for the financial year 2023-24 stood at Rs 22,227,067 crore, compared to Rs 1,875,535 crore for the same period in the previous financial year 2022-23.
From April 1, 2023 to March 17, 2024, net direct tax collections increased at a rate of 19.88%. According to the Central Board of Direct Taxes (CBDT) report, net collections stood at Rs 1,890,259 crore, an increase of 19.88 per cent as compared to Rs 1,576,776 crore in the same period last year.
The net direct tax collection of Rs 1,890,259 crore includes corporate income tax (CIT) of Rs 9,14,469 crore (net of refunds) and personal income tax (PIT) including securities transaction tax (STT) of Rs 9,72,224 crore (net). ) It is included. (in case of refund).
In this year's Budget speech, Finance Minister Nirmala Sitharaman raised the direct tax collection forecast for FY24 to Rs 19.45 lakh crore from the current budget estimate of Rs 18.20 lakh crore.
The provisional total advance tax collection for FY 2023-24 was Rs 9,11,534 crore as on March 17, 2024, while the advance tax collection for the same period of FY 2022-23 was Rs 7,45,246 crore. 100 million rupees, indicating an increase. 22.31%.
The advance tax collection of Rs 9,115.34 crore comprises corporate income tax (CIT) of Rs 6,72,899 crore and personal income tax (PIT) of Rs 2,38,628 crore.
Refund worth Rs. In 2023-24, Rs 336.88 billion was also issued as compared to refund of Rs 336.88 billion till March 17, 2024. The issuance amount for 2022-23 was 298,758 million yen, an increase of 12.74% compared to the refund amount for the same period last year.