Net I-T collections zoom 20% to Rs 19 lakh cr

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Direct tax collections have been zooming this financial year.  The net direct tax collection has grown 19.88 per cent to over Rs 18.90 lakh crore till March 17 on back of higher advance tax receipts.

Advance Tax collections for 2023-24 till March 17 were Rs 9.11 lakh crore, a 22.31 per cent jump over last year.

The top direct taxes body the Central Board of Direct Taxes said net collection were Rs 18,90,259 crore (as of March 17). The Corporation Tax collection were Rs 9,14,469 crore after refunds and Personal Income Tax, Securities Transaction Tax (STT) at Rs 9,72,224 crore, after refunds.

The Advance Tax collection of Rs 9,11,534 crore comprises CIT at Rs 6.73 lakh crore and PIT at Rs 2.39 lakh crore. Refunds of about Rs 3.37 lakh crore have also been issued in the current fiscal till March 17.

On a gross basis, the direct tax collection stood at Rs 22.27 lakh crore, an 18.74 per cent growth over the year-ago period. “The provisional figures of Direct Tax collections for the Financial Year 2023-24 (as of March 17, 2024) show that net collections are at Rs 18,90,259 crore, compared to Rs 15,76,776 crore in the corresponding period of the preceding Financial Year (FY 2022-23), representing an increase of 19.88 per cent,” the CBDT said in a statement.

The government had in the revised estimates for direct tax collection pegged the receipts for the full fiscal (April-March) at Rs 19.45 lakh crore.