The Finance Ministry said on Sunday that the direct tax assortment until June 17 this fiscal rose by 11.18 per cent to Rs 3.80 lakh crore.
As of June 17, the Advance Tax collections for the April-June quarter of 2023-2024 stood at Rs. 1,16,776 crore, indicating a 13.70% improve in comparison with the identical interval within the earlier fiscal 12 months.
In an announcement, the ministry stated that the company tax (CIT) might be Rs 1,56,949 crore and the non-public earnings tax (PIT) might be Rs 2,22,196 crore, together with the Securities Transaction Tax (STT).
Before adjusting for refunds, the gross assortment was Rs 4.19 lakh crore, 12.73% improve over the identical interval within the earlier fiscal 12 months.
This contains Rs. 1.87 lakh crore in Corporation Tax (CIT) in addition to Personal Income Tax (PIT) and Securities Transaction Tax (STT) within the quantity of Rs 2.31 lakh crore.
Up till June 17, refunds totaled Rs 39,578 crore, a 30% improve from the earlier 12 months.
Before considering refunds, the gross assortment for FY 2023-24 was Rs 4,19,338 crore, up 12.73 % from the collections of FY 2022-23.
This was in comparison with Rs 3,71,982 crore for the identical interval final 12 months.
“Minor head-wise collection comprises Advance Tax of Rs 1,16,776 crore; Tax Deducted at Source of Rs 2,71,849 crore; Self-Assessment Tax of Rs 18,128 crore; Regular Assessment Tax of Rs 9,977 crore; and Tax under other minor heads of Rs 2,607 crore,” the info confirmed.
As of June 17, the advance tax collections for the primary quarter of FY 2023-24 totaled Rs. 1,16,776 crore, in comparison with Rs. 1,02,707 crore for the corresponding interval of the earlier fiscal 12 months, representing a rise of 13.70 %.
CIT, valued at Rs 92,784 crore, and PIT, valued at Rs 23,991 crore, made up the advance tax assortment of Rs 1,16,776 crore.
The ministry said, “Refunds amounting to Rs 39,578 crore have also been issued in the FY 2023-24 till 17.06.2023, as against refunds of Rs 30,414 crore issued during the corresponding period in the preceding Financial Year 2022-23, showing a growth of 30.13 per cent.”
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