Net direct tax collections rise about 20.7% so far in 2023-24

A total of Rs 13.7 lakh crore worth direct taxes (net) have been collected so far in the current financial year 2023-24, representing a 20.66 per cent increase on a yearly basis, according to provisional figures put out by the government on Monday.

The collections were to the tune of Rs 11.3 lakh crore in the corresponding period of the preceding year 2022-23.

The Net Direct Tax collection of Rs 13.7 has been collected, including Corporation Tax (CIT) at Rs 6.9 lakh crore (net of refund) and Personal Income Tax (PIT) including Securities Transaction Tax (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 financial year 2023-24 stand at Rs 15.9 lakh crore compared to Rs 13.6 crore in the corresponding period of the preceding financial year, showing a growth of 17.01 per cent over the collections of 2022-23, the Ministry of Finance said.

Over the last few years, various efforts have been made to increase the tax base and improve compliance.

For example, in the entire financial year 2022-23, the total gross GST collection stood at Rs 18.10 lakh crore and the average gross monthly collection for the full year was Rs 1.51 lakh crore. The gross revenues in 2022-23 were 22 per cent higher on a yearly basis.

Notably, in April this year, the gross GST collection was at an all-time high of Rs 187,035 crore.

(ANI)

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