Centre raises Rs 8.6 lakh cr as direct tax collection goes up 23.5 pc

Net direct tax collection grew by 23.51 per cent to over Rs 8.65 lakh crore till mid-September, on higher advance tax mop-up from corporates, the Union Ministry of Finance said on Monday (September 18).

The net direct tax collection of Rs 8,65,117 crore (as on September 16) includes corporate income tax (CIT) at Rs 4,16,217 crore and personal income tax (PIT) including Securities Transaction Tax (STT) at Rs 4,47,291 crore. Net direct tax collections for the current fiscal have grown at over 23.51 per cent, the ministry said in a statement.

Advance tax collections stood at Rs 3.55 lakh crore till mid-September, a 21 per cent growth against Rs 2.94 lakh crore collected in the corresponding period in the preceding financial year.

The advance tax collection of Rs 3.55 lakh crore as of September 16 comprises CIT at Rs 2.80 lakh crore and PIT at Rs 74,858 crore. Refunds of about Rs 1.22 lakh crore have been made up to September 16.

On a gross basis, direct tax collection for the financial year 2023–24 stands at Rs 9.87 lakh crore, an 18.29 per cent growth over Rs 8.34 lakh crore in the corresponding period of the preceding financial year.