The Finance Ministry announced a remarkable growth in India’s net direct tax collection, reaching Rs 8,65,117 crore as of September 16. This includes CIT amounting to Rs 4,16,217 crore and PIT, which also covers STT, at Rs 4,47,291 crore. The data indicates an impressive increase of 23.51 percent in net direct tax collections for the current fiscal year until mid-September, as stated in an official ministry release.
Advance Tax Collections Show Strong Performance
Advance tax collections have been a significant contributor to this positive trend, standing at Rs 3.55 lakh crore by mid-September. This marks a remarkable 21 percent growth compared to the Rs 2.94 lakh crore collected during the same period in the previous fiscal year. The advance tax collection figure of Rs 3.55 lakh crore as of September 16 comprises CIT amounting to Rs 2.80 lakh crore and PIT at Rs 74,858 crore.
Additionally, the government has issued refunds totaling approximately Rs 1.22 lakh crore by September 16, providing further relief to taxpayers.
Gross Direct Tax Collection for FY 2023-24
Looking at the broader picture, the gross direct tax collection for the financial year 2023-24 has reached a substantial Rs 9.87 lakh crore, reflecting an 18.29 percent growth compared to the corresponding period in the preceding financial year, where it stood at Rs 8.34 lakh crore.
This significant surge in direct tax collections reflects the resilience and buoyancy of India’s tax revenue system, underlining the positive economic trends in the country. The Finance Ministry’s announcement signals confidence in India’s fiscal health and the effectiveness of tax collection mechanisms.