Centre's direct tax collections jump 23.5% to ₹8.65 lakh crore, advance tax collections up by 20.7%
₹8,65,117 crore as on 16 September. The collections witnessed a 23.5% jump from the corresponding period of the last fiscal during which the collections was ₹7,00,416 crore. The government has issued refunds amounting to ₹Rs.
1,21,944 crore in fiscal year 2023-24 till 16 September. The direct tax collections include Corporation Tax (CIT) at ₹4,16,217 crore (net of refund) and Personal Income Tax (PIT) including Securities Transaction Tax (STT) at ₹4,47,291 crore (net of refund). The provisional advance tax collections for this fiscal year till 16 September stand at ₹3,55,481 crore which is a 20.7% higher than advance tax collections of ₹2,94,433 crore for the corresponding period last fiscal year.
“The Advance Tax collection of Rs. 3,55,481 crore as on 16.09.2023 comprises Corporation Tax (CIT) at Rs. 2,80,620 crore and Personal Income Tax (PIT) at Rs.
74,858 crore," the release said. “The Gross collection of Rs. 9,87,061 crore includes Corporation Tax (CIT) at Rs.
4,71,692 crore and Personal Income Tax (PIT) including Securities Transaction Tax (STT) at Rs. 5,13,724 crore. Minor head wise collection comprises 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," the Central Board of Direct Taxes said in a release. More to come…
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