Reached 26.05 percent of the budget estimate

In a statement issued by the Income Tax Department, it was said that in the financial year 2023-24, so far the direct tax collection has reached 26.05 percent of the total budget estimate. This includes income tax and company tax. Direct tax collection after tax refund stood at Rs 4.75 lakh crore. This is 15.87 percent more than the net tax collection in the same period last year.

Issued ‘refunds’ worth Rs 42,000 crore

According to the ministry, during April 1 to July 9 this year, ‘refunds’ worth Rs 42,000 crore have been issued. This is 2.55 percent more than the tax refund received in the same period last year. Gross direct tax collection increased by 14.65 percent to Rs 5.17 lakh crore. Net direct tax collection is estimated to be Rs 18.23 lakh crore in the budget for the financial year 2023-24. This is 9.75 percent more than Rs 16.61 crore for the financial year 2022-23.

The direct tax collection figures for the financial year 2022-23 show that the net collection was Rs 16.61 lakh crore. This is 17.63 percent more than the Rs 14.12 lakh crore of the previous financial year.

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Advance Tax Payment: Taxpayers are constantly being made aware by the government for advance tax payment. Its effect has also started to be seen. Yes, in the current financial year till June 17, the net direct tax collection of the country has increased by 11.18 percent to Rs 3.80 lakh crore. This increase was due to Advance Tax Payment. Information about this was given by the Ministry of Finance. This is another good news given by the tax payers during the tenure of Finance Minister Nirmala Sitharaman.

Earlier in the financial year 2021-22, those who paid income tax had deposited record tax. Advance tax collection in the April-June quarter of the current financial year stood at Rs 1,16,776 lakh crore till June 17. This is 13.70 percent more than the same period last year. The ministry said in a statement that the net direct tax collection till June 17 stood at Rs 3,79,760 crore, including Rs 1,56,949 crore of corporate tax (CIT).

Personal Income Tax of Rs 2,22,196 crores

Rs 2,22,196 crores were collected as personal income tax including Securities Transaction Tax (STT). On a gross basis, the collection before adjusting refunds was Rs 4.19 lakh crore. This amount shows an increase of 12.73 percent on an annual basis. This includes Rs 1.87 lakh crore in corporate tax and Rs 2.31 lakh crore in personal income tax including securities transaction tax. The refund amount stood at Rs 39,578 crore till June 17, which is 30 per cent more than the same period last year.

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