The higher advance tax collection helped boost the net direct tax boost by 11 percent to Rs 3.80 lakh crore this fiscal, reflecting rising economic activity. Net direct tax collection of Rs 3,79,760 crore (as on 17 June 2023) includes Corporate Income Tax (CIT) of Rs 1,56,949 crore and Personal Income Tax (PIT) including Transaction Tax securities (STT) of Rs 2,22,196 crore, the finance ministry said in a statement.
Advance tax collections for the April-June quarter of 2023-24 stood at Rs 1,16,776 crore as on June 17, reflecting a growth of 13.70 per cent over the same period last fiscal. This includes CIT of Rs 92,784 crore and PIT of Rs 23,991 crore.
On a gross basis, before adjusting for refunds, tax collection stood at Rs 4.19 crore, up 12.73 per cent over the same period last fiscal. The gross CIT and PIT mop up was Rs 1.87 crore and Rs 2.31 crore respectively.
Reimbursements to the tune of Rs 39,578 crore were issued till June 17, a 30 percent increase over last year.
The 2023-24 budget pegged the direct tax collection at a little over Rs 18.23 crore, a 9.75 percent growth over the Rs 16.61 crore cleared in the last fiscal.
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