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Wednesday, June 19, 2024

Due to higher advance tax collection, net direct tax revenue increased by 23.5% to approximately Rs. 8.65 trillion

<p>On greater advance tax mop-up from corporates, net direct tax collection increased by 23.51 percent to over Rs 8.65 lakh crore by mid-September, the Finance Ministry said on Monday.<img decoding=”async” class=”alignnone wp-image-189729″ src=”https://www.theindiaprint.com/wp-content/uploads/2023/09/theindiaprint.com-due-to-higher-advance-tax-collection-net-direct-tax-revenue-increased-by-23-5-to-a.jpg” alt=”theindiaprint.com due to higher advance tax collection net direct tax revenue increased by 23 5 to a” width=”1251″ height=”658″ srcset=”https://www.theindiaprint.com/wp-content/uploads/2023/09/theindiaprint.com-due-to-higher-advance-tax-collection-net-direct-tax-revenue-increased-by-23-5-to-a.jpg 310w, https://www.theindiaprint.com/wp-content/uploads/2023/09/theindiaprint.com-due-to-higher-advance-tax-collection-net-direct-tax-revenue-increased-by-23-5-to-a-150×79.jpg 150w” sizes=”(max-width: 1251px) 100vw, 1251px” title=”Due to higher advance tax collection, net direct tax revenue increased by 23.5% to approximately Rs. 8.65 trillion 3″></p>
<p>As of September 16, personal income tax (PIT), which includes the Securities Transaction Tax (STT), was collected at a rate of Rs 4,47,291 crore and corporate income tax (CIT) at a rate of Rs 4,16,217 crore.</p>
<p>According to a statement from the ministry, net direct tax receipts for the current fiscal year as of September 16 increased by more than 23.51 percent.</p>
<p>Up till mid-September, advance tax revenues totaled Rs 3.55 lakh crore, a 21% increase over the Rs 2.94 lakh crore received during the same time of the previous financial year.</p>
<p>As of September 16, the advance tax collection was Rs 3.55 lakh crore, of which CIT was worth Rs 2.80 lakh crore and PIT was worth Rs 74,858 crore.</p>
<p>Up till September 16, over Rs 1.22 lakh crore in refunds had been given out.</p>
<p>Gross direct tax receipts for the fiscal year 2023–24 are estimated to be Rs. 9.87 lakh crore, up 18.29% from Rs. 8.34 lakh crore during the same time last fiscal year.</p>
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