Net Direct Tax Collection Rises 11% To Rs 3.80 lakh Crore Till June 17

Net direct tax collection till June 17 this fiscal rose by 11.18 per cent to Rs 3.80 lakh crore on higher advance tax mop up, the Finance Ministry said on Sunday.

The Advance Tax collections for the April-June quarter of 2023-24 stood at Rs 1,16,776 crore as of June 17, reflecting a growth of 13.70 per cent over the same period last fiscal.

The Net Direct Tax collection of Rs 3,79,760 crore (as of 17.06.2023) includes corporation tax (CIT) at Rs 1,56,949 crore and personal income tax (PIT) including Securities Transaction Tax(STT) at Rs 2,22,196 crore, the ministry said in a statement.

On a gross basis, before adjusting refunds, the collection stood at Rs 4.19 lakh crore, a 12.73 per cent growth over the same period last fiscal. This includes Corporation Tax (CIT) at Rs 1.87 lakh crore and Personal Income Tax (PIT) including Securities Transaction Tax(STT) at Rs 2.31 lakh crore.

Refunds amounting to Rs 39,578 crore have been issued till June 17, a 30 per cent growth over last year.

The 2023-24 budget has pegged direct tax collection at a little over Rs 18.23 lakh crore, a 9.75 per cent growth over Rs 16.61 lakh crore mopped up last fiscal.