Net direct tax collection rises 23.5% to over Rs 8.65 lakh cr, touches 47% of BE

Net direct tax collection increased 23.51 percent to over Rs 8.65 lakh crore till mid-September on higher advance tax mop-up from corporates, the Finance Ministry said on Monday.

Net collections reached 47.45 percent of the full-year budget estimate of Rs 18.23 lakh crore. Steady growth in tax collections was helped by a 21 percent growth in advance tax mop-up. September 15 was the last date to pay the second installment of the advance tax for 2023-2024.

The net direct tax collection includes corporate income tax (CIT) at Rs 4,16,217 crore and personal income tax (PIT), including securities transaction tax (STT), of Rs 4,47,291 crore, the ministry said in a statement.

The net direct tax collection of Rs 8,65,117 crore for the current financial year up to September 16 grew at over 23.51 percent, the ministry said.

Advance tax collection stood at Rs 3.55 lakh crore till mid-September, a growth of 21 percent against Rs 2.94 lakh crore mopped up in the corresponding period of the preceding financial year.

The advance tax collection of Rs 3.55 lakh crore as of September 16 includes CIT of Rs 2.80 lakh crore and CIT of Rs 74,858 crore. Refunds worth around Rs 1.22 lakh crore have been issued up to September 16.

On a gross basis, direct tax collection for FY 2023-24 stands at Rs 9.87 lakh crore, a growth of 18.29 percent compared to Rs 8.34 lakh crore in the corresponding period of the preceding financial year.

The 2023-24 budget has pegged direct tax collection at a little over Rs 18.23 lakh crore, 9.75 percent higher than the Rs 16.61 lakh crore mopped up last fiscal.

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