Net direct tax collections rise about 20.7% so far in 2023-24 – Times of India

Net direct tax collections rise about 20.7% so far in 2023-24 - Times of India

New Delhi: A total of Rs 13.7 lakh crore direct taxes (net) have been collected so far. Fiscal year 2023-24, which represents an increase of 20.66 percent on an annual basis, according to provisional data released by the government on Monday.
Last year in the same period of 2022-23, the collection was Rs 11.3 lakh crore.
gave Net direct tax 13.7 crore have been collected, including Corporation Tax (CIT) of Rs 6.9 lakh crore (net of refunds) and Personal Income Tax (PIT). Securities Transaction Tax (STT) Rs.6,72,962 crore (net of refund).
The provisional figures for the gross collection of direct taxes for the financial year 2023-24 are Rs 15.9 lakh crore, showing a growth of 17.01 per cent as against Rs 13.6 crore in the corresponding period of the previous financial year. Over the 2022-23 collections, Ministry of finance said.
Over the past few years, various efforts have been made to broaden the tax base and improve compliance.
For example, in the entire financial year 2022-23, the total GST collection stood at Rs 18.10 lakh crore and the average gross monthly collection for the entire year was Rs 1.51 lakh crore. Gross revenue in 2022-23 was 22% higher on annual basis.
Notably, the overall GST collection was at an all-time high of Rs 187,035 crore in April this year.

Business news,Securities Transaction Tax,Net direct tax,Ministry of finance,Fiscal year,Collection of direct tax

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