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Boosted by the first installment of advances taxes, net direct tax collections grew 11.18 per cent to Rs 3,79,760 crore till June 17 in the current financial year, data released by the Finance Ministry on Sunday showed.
The Centre’s advance direct tax collections for the April-June quarter from companies, limited liability partnerships (LLPs) and individuals rose 13.7 per cent to Rs 1,16,776 crore, the finance ministry said in a statement.
The advance tax collections for April-June 2023-24 included corporation tax of Rs 92,784 crore and personal income tax of Rs 23,991 crore.
The growth rate in direct tax revenues so far is higher than 9.4 per cent increase projected for the financial year 2023-24. Though consumption demand is muted, a softening of global commodity prices has led to moderation in input prices, in turn supporting the operating margins of companies and thereby, the tax revenue growth.
As per the Budget 2023-24, direct tax collections are estimated to be Rs 18.23 lakh crore, of which Rs 9.22 lakh crore is estimated to come from corporate tax and Rs 9.01 lakh crore from income tax. The government had collected Rs 16.67 lakh crore as direct taxes in FY 2022-23.
Gross direct tax collection (before adjusting for refunds) for 2023-24 (till June 17) stood at Rs 4,19,338 crore, 12.73 per cent higher than Rs 3,71,982 crore in the corresponding year-ago period. This includes corporation tax at Rs 1,87,311 crore and personal income tax including securities transaction tax (STT) at Rs 2,31,391 crore. Of the gross collections, category-wise breakup included tax deducted at source (TDS) of Rs 2,71,849 crore, self-assessment tax of Rs 18,128 crore, regular assessment tax of Rs 9,977 crore, and tax under other minor heads of Rs 2,607 crore.
Out of the total net direct tax collections (after refunds) of Rs 3,79,760 crore, corporation tax stood at Rs 1,56,949 crore and personal income tax including securities transaction tax (STT) stood at Rs 2,22,196 crore. Net direct tax collections in the year-ago period had stood at Rs 3,41,568 crore.
As on June 17 of FY24, total refunds (personal income tax and corporation tax) amounting to Rs 39,578 crore have also been issued, an increase of 30.13 per cent from the Rs 30,414 crore in the year-ago period, the ministry said.
