Direct tax collection rises 21% to Rs 13.7 lakh crore

New Delhi: The government on Monday said that net direct tax stood at Rs 13.70 lakh crore as on December 17, rising over 20.7 percent on a year-on-year (Y-o-Y) basis, while the gross direct tax collections for the current financial year registered a growth of over 17 per cent, the finance ministry said in a notification.

Before adjusting for refunds, it further said, the gross direct tax collections for April 1-December 17 stood at Rs 15.96 lakh crore, up 17 percent YoY. "The gross corporate tax collections over the same period were Rs 7.90 lakh crore, while gross personal income tax and securities transaction tax stood at Rs 8.03 lakh crore," the ministry said.

The provisional figures of direct tax collections for the financial year2023-24 (as on December 17) show that net collections are at Rs 13,70,388 crore, compared to Rs 11,35,754 crore in the corresponding period of the previous financial year (FY 2022-23), representing an increase of 20.66 per cent," the notification said.

The net direct tax collection of Rs 13.70 lakh crore as on December 17 includes corporation tax or CIT at Rs 6,94,798 crore (net of refund) and personal income tax or PIT including securities transaction tax or STT at Rs. 6,72,962 crore (net of refund).

"The provisional figures of gross collection of direct taxes (before adjusting for refunds) for the FY 2023-24 stand at Rs 15,95,639 crore, compared to Rs 13,63,649 crore in the corresponding period of the preceding financial year, showing a growth of 17.01 per cent over the collections of FY2022-23," the ministry said.

However, the data also showed that the provisional figures of total advance tax collections for the current financial year (as on  December 17) stood at Rs 6,25,249 crore, against advance tax collections of Rs 5,21,302 crore for the corresponding period of the immediately preceding financial Year (i.e. FY2022-23), showing a growth of 19.94 per cent.

"The advance tax collection of Rs 6,25,249 crore comprises corporation tax at Rs 4,81,840 crore and personal income tax at Rs 1,43,404 crore," the ministry said, adding that refunds amounting to Rs 2,25,251 crore have also been issued in the FY2023-24 till December 17.