India’s net direct tax collection between April 1 and September 16, 2023 stood at Rs 8.65 lakh crore, which is 23.5 percent more on an annual basis.
India’s net direct tax collection between April 1 and September 16, 2023 stood at Rs 8.65 lakh crore, which is 23.5 percent more on an annual basis. Last year the collection during this period was ₹700416 crore. The government has issued a refund of Rs 1,21,944 crore till September 16 in the financial year 2023-24. Direct tax collections include Corporation Tax (CIT) of ₹416,217 crore (net of refunds) and Personal Income Tax (PIT) including Securities Transaction Tax (STT) of ₹447291 crore (net of refunds). Advance tax collection so far in this financial year has been Rs 3.5 lakh crore, which is an increase of 20.73 percent from last year.
The gross tax collected before adjusting refunds was Rs 9.87 lakh crore, which is an increase of about 18.3 percent year-on-year. Financial Services Secretary Ajay Seth on Thursday said the total revenue from corporate and excise duty collections is expected to be in line with the budget estimates for the current financial year.
10.4 percent decline in excise duty collection
Corporate tax, which is the second largest component of direct tax after personal income tax, as well as excise duty collections declined by 10.4 per cent during the first four months of the current financial year.
This comes with a decline of more than 14 per cent in tax collection in the first quarter, compared to an increase of more than 26 per cent in the year-ago period. According to the Comptroller General’s data, during the April-July period, gross tax revenue stood at Rs 8.94 lakh crore, which is just 2.8 per cent more than the same period last year.