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Data released by the Finance Ministry on Sunday showed that net direct tax collection, buoyed by the first installment of advance taxes, grew by 11.18 per cent to Rs 379,760 crore till June 17 in the current financial year.
The finance ministry said in a statement that direct tax collection filed by the center for the April-June quarter from companies, limited liability partnerships and individuals rose by 13.7 per cent to Rs.1,16,776 crore.
Advance tax collections for April-June 2023-24 included corporate tax of Rs. 92,784 crore and personal income tax of Rs. 23,991 crore.
The growth rate in direct tax revenues to date is above the 9.4% increase projected for the 2023-24 fiscal year. Despite weak consumer demand, lower global commodity prices moderated input prices, which in turn supported firms’ operating margins and thus tax revenue growth.
As per budget 2023-24, direct tax collection is estimated at Rs. 18.23 lakh crores, of which Rs. 9.22 crore is estimated to come from corporate tax and Rs. 9.01 crore from income tax. The government has collected Rs 16.67 crore in direct taxes in the 2022-23 financial year.
Total direct tax collection (before adjusting for refunds) for the period 2023-24 (till 17th June) was Rs. 4,19,338 crore, an increase of 12.73% over Rs. 3,71,982 crore in the corresponding period last year. This includes corporate tax of Rs.1,87,311 crore and Personal Income Tax including Securities Transaction Tax (STT) of Rs.2,31,391 crore. Among the total groups, the breakdown by category included Tax Deducted at Source (TDS) of Rs. 2,71,849 crores, Self-Assessment Tax of Rs. 18,128 crores, Regular Assessment Tax of Rs. 9,977 crores and tax under other minor heads. Worth Rs 2,607 crore.
Of the total net direct tax collection (after refunds) of Rs.3,79,760 crores, corporate tax amounted to Rs.1,56,949 crores and personal income tax including Securities Transaction Tax (STT) amounted to Rs.2,22,196 crores. rupee. Net direct tax collection in the period last year was Rs. 3,41,568 crore.
As of June 17, FY24, total refunds (Personal Income Tax and Corporate Tax) of Rs 39,578 crore were also issued, an increase of 30.13 per cent over Rs 30,414 crore in the period last year, the ministry said.
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