Direct tax mop-up 20% on year, close to RE

financialexpress.com:

The Centre’s direct tax collections, after refunds, stood at Rs 18.9 trillion as of March 17 in the current financial year, a release by the finance ministry said on Tuesday. The mop-up accounts for 97% of the revised target (RE) of Rs 19.5 trillion for FY24, and is 19.9% higher on year.

The collections include Corporation Tax (CIT) mop-up of Rs 9.14 trillion, and Personal Income Tax (PIT) including Securities Transaction Tax (STT) at Rs 9.72 trillion, as of March 17. CIT collections so far account for 99% of RE, and PIT accounts for 95%.

The direct tax collections, before refunds, stood at Rs 22.3 trillion between April 1 – March 17. Refunds amounting to Rs 3.37 trillion have been issued during the period as compared to Rs 2.99 trillion issued in April 1 – March 17, FY23.

Provisional figures of total advance tax collections for FY24 as on March 17 stood at Rs 9.11 trillion, against collections of Rs 7.45 trillion in the comparable period of FY23. The advance tax collection comprises CIT at Rs 6.73 trillion and PIT at Rs 2.39 trillion, the finance ministry said.

The collections before refunds include CIT mop-up of Rs 10.98 trillion and PIT including STT of Rs 11.25 trillion. It includes Tax Deducted at Source (TDS) mop-up of Rs 10.44 trillion, Self-Assessment Tax of Rs 1.73 trillion, Regular Assessment Tax of Rs 73,548 crore; and Tax under other minor heads of Rs. 24,177 crore, according to the release.