The Central Board of Direct Taxes (CBDT) has revealed the provisional figures of Direct Tax collections for the Financial Year 2023-24, as of December 17, 2023. The data reflects a robust performance, indicating a substantial increase in net collections compared to the corresponding period of the previous fiscal year.
According to the provisional figures, the net Direct Tax collections for FY 2023-24 stand at Rs. 13,70,388 crore, showcasing an impressive growth of 20.66% over the same period in FY 2022-23, where collections were Rs. 11,35,754 crore.
The composition of the Net Direct Tax collection includes Corporation Tax (CIT) at Rs. 6,94,798 crore (net of refund) and Personal Income Tax (PIT), including Securities Transaction Tax (STT), at Rs. 6,72,962 crore (net of refund).
The Gross collection of Direct Taxes (before adjusting for refunds) for the current fiscal year is reported at Rs. 15,95,639 crore, representing a significant growth of 17.01% over the collections of FY 2022-23, which amounted to Rs. 13,63,649 crore.
The Gross collection comprises Corporation Tax (CIT) at Rs. 7,90,049 crore and Personal Income Tax (PIT) including Securities Transaction Tax (STT) at Rs. 8,02,902 crore. The minor head-wise collection includes Advance Tax of Rs. 6,25,249 crore; Tax Deducted at Source of Rs. 7,70,606 crore; Self-Assessment Tax of Rs. 1,48,677 crore; Regular Assessment Tax of Rs. 36,651 crore; and Tax under other minor heads of Rs. 14,455 crore.
Notably, the provisional figures of total Advance Tax collections for FY 2023-24 (as on 17.12.2023) stand at Rs. 6,25,249 crore, indicating a robust growth of 19.94% compared to the corresponding period of the immediately preceding Financial Year (i.e., FY 2022-23), where Advance Tax collections were Rs. 5,21,302 crore. The Advance Tax collection of Rs. 6,25,249 crore comprises Corporation Tax (CIT) at Rs. 4,81,840 crore and Personal Income Tax (PIT) at Rs. 1,43,404 crore.
Furthermore, refunds amounting to Rs. 2,25,251 crore have been issued in the FY 2023-24 till 17.12.2023, reflecting the government’s commitment to expeditiously process and disburse refunds.
