Direct tax collection increased by 23.51% Y-O-Y
Direct tax collection has jumped to Rs 8,65,117 crores with an increase of 23.51 per cent year-on-year, according to the data released by Finance Ministry today. Preceding year witnessed net collection of Rs 7,00,416 crores.
The provisional figures of Gross collection of Direct Taxes for the Financial Year 2023-24 stands at Rs 9,87,061 crores compared to with an increase of 18.29 per cent, compared to Rs 8,34,469 crores in the corresponding period of the FY 2022-23.
According to provisional data of advance tax revenues for the FY 2023–24 stand at Rs 3,55,481 crores, up from Rs 2,94,433 crores for the FY 2022–23. This represents a growth of 20.73 per cent. corporation tax at Rs 4,71,692 crore and personal income tax including securities transaction tax at Rs 5,13,724 crores are included in the total revenue collection of Rs 9,87,061 crores. The minor head wise collection includes 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 crores, and tax under other minor headings is Rs 8,248 crores.