Direct tax collections grow nearly 20% to Rs 18.90 lakh crore till March 17
The NET direct tax collections grew 19.88 per cent to over Rs 18.90 lakh crore, with advance tax collections rising over 22 per cent during April 1-March 17 in the financial year 2023-24, the Income Tax Department said on Tuesday.
With this, the government has achieved over 97 per cent of its direct tax target set in its revised estimates for this financial year. In the revised estimates for 2023-24, the government had pegged direct tax receipts at Rs 19.45 lakh crore.
Personal income tax collections continued to be higher than the corporation tax mop-up. The net direct tax collections of Rs 18,90,259 crore, which are adjusted for refunds, include corporation tax of Rs 9,14,469 crore and personal income tax, including Securities Transaction Tax (STT), of Rs 9,72,224 crore. Refunds amounting to about Rs 3.37 lakh crore have also been issued in the current fiscal till March 17.
