Net Direct Tax receipts up 11.2%

Net direct tax collections have risen 11.2% in the first two and a half months of this financial year, with advance tax inflows for the first quarter of 2023-24 increasing 13.7%, the Finance Ministry said on June 18.

Net direct tax collections have risen 11.2% in the first two and a half months of this financial year, with advance tax inflows for the first quarter of 2023-24 increasing 13.7%, the Finance Ministry said on June 18.

As of June 17, the gross direct tax kitty had grown 12.7% over the same period last year to cross ₹4.19 lakh crore.

Of the gross collections so far, Advance Tax accounted for ₹1,16,776 crore while Tax Deducted at Source was ₹2,71,849 crore. Inflows from Self-Assessment Tax stood at ₹18,128 crore, while regular assessment yielded ₹9,977 crore.

With refunds of over ₹39,500 crore made to taxpayers, the net tax kitty since April 1 stands at almost ₹3.8 lakh crore. Notably, the tax refunds so far this fiscal are 30.1% higher than the same period of 2022-23

“The Net Direct Tax collection of ₹ 3,79,760 crore includes Corporation Tax (CIT) at ₹ 1,56,949 crore (net of refund) and Personal Income Tax (PIT) including Securities Transaction Tax (STT) at ₹ 2,22,196 crore (net of refund),” the ministry said.

Within the advance tax revenues, CIT accounted for ₹92,784 crore while Personal Income Tax payers paid in ₹23,991 crore.