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Growth in India’s net direct tax collections slowed a bit over the past month but with a kitty of more than ₹18.9 lakh crore, more than 97% of the revised target for 2023-24 had been met by March 17, as per provisional figures released by the Finance Ministry on Tuesday.
Personal Income Taxes (PIT), including the Securities Transaction Tax (STT), continued to contribute more than half of the direct tax intake with a 51.4% share of net collections, while corporate taxes brought in a little over ₹9.14 lakh crore.
While net direct tax revenues had grown 20.25% as of February 10, the uptick over last year’s collections in the corresponding period stood at 19.88% as on March 17.
“Provisional figures of total Advance Tax collections for Financial Year 2023-24 stand at ₹9,11,534 crore, showing a growth of 22.31%,” the Ministry said. This included Corporation Tax of ₹6,72,899 crore and Personal Income Tax (PIT) at ₹2,38,628 crore.
Prior to refunds, gross direct taxes for the year had crossed ₹22.27 lakh crore by March 17, reflecting an 18.74% growth over the previous year. Refunds issued to taxpayers grew 12.74% to ₹3,36,808 crore.
At the gross level, taxes from corporates amounted to ₹10,98,183 crore, while PIT and STT yielded ₹11,25,228 crore.
“Minor head wise collection comprises Advance Tax of ₹9,11,534 crore; Tax Deducted at Source of ₹10,44,511 crore; Self-Assessment Tax of ₹1,73,296 crore; Regular Assessment Tax of Rs. 73,548 crore; and Tax under other minor heads of ₹24,177 crore,” the Ministry added in the statement.
