India’s Direct Tax Collection Jumps to Rs 8.65 Lakh Crore, Advance Tax Collection Rises by 20.7%

New Delhi: Centre’s direct tax collection increased by 23% in the current quarter. The provisional data showed that the government collected Rs 8,65,117 crore as of 16 September. This is 23% higher than the previous fiscal year’s same period which was Rs 7,00,416 crore.
During this time the government has issued refunds amounting to Rs 1,21,944 crore in the fiscal year 2023-24.
The direct tax collections include Corporation Tax (CIT) of Rs 4,16,217 crore (net of refund) and Personal Income Tax (PIT) including Securities Transaction Tax (STT) of Rs 4,47,291 crore (net of refund)
“The provisional figures of Gross collection of Direct Taxes apart from refund adjustment for the Financial Year 2023-24 stands at Rs 9,87,061 crore. Which compared to Rs 8,34,469 crore in the corresponding period of the preceding financial year. What showed a growth of 18.29%,” the release from the Central Board of Direct Taxes said.

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