Word DIRECT TAX composed of picket dices. Closeup
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India’s web direct tax collections had grown 20.7% by December 17 to cross ₹13.70 lakh crore, the Finance Ministry mentioned on Monday, indicating that 75.15% of the yr’s direct tax target has been met.
As of November 30, the web direct tax kitty stood at ₹10.64 lakh crore or 58.34% of the Budget estimates, so collections have risen by ₹3.06 lakh crore to this point in December as per the newest provisional numbers.
“The net direct tax collection of ₹13,70,388 crore (as on 17.12.2023) includes Corporation Tax (CIT) at ₹6,94,798 crore (net of refund) and Personal Income Tax (PIT) including Securities Transaction Tax (STT) at ₹6,72,962 crore (net of refund),” the ministry mentioned.
Total Advance Tax collections to this point this yr stood at ₹6,25,249 crore, reflecting a development of 19.94% to this point this yr, with company taxes of ₹4,81,840 crore and private revenue tax of ₹1,43,404 crore.
Just a little over ₹22,000 crore of refunds have been effected in December, as per the ministry’s information which confirmed whole tax refunds stood at ₹2,25,251 crore as of Sunday, from about ₹2.03 lakh crore by November 30.
Gross direct tax collections stood at ₹15,95,639 crore, which included CIT of ₹7,90,049 crore and ₹8,02,902 crore from Personal Income Tax and Securities Transaction Tax. “Minor head-wise collection comprises Advance Tax of ₹6,25,249 crore; Tax Deducted at Source of ₹7,70,606 crore; Self-Assessment Tax of ₹1,48,677 crore; Regular Assessment Tax of ₹36,651 crore; and Tax under other minor heads of ₹14,455 crore,” the ministry assertion mentioned.
