India's net direct tax mop-up rises 11% to Rs 3.8 trillion till June 17

The Advance Tax collections for the April-June quarter of 2023-24 stood at Rs 1,16,776 crore as of June 17, reflecting a growth of 13.70 per cent over the same period last fiscal

Higher advance tax collection helped net direct tax kitty swell 11 per cent to Rs 3.80 trillion so far this fiscal year, a reflection of economic activity gaining traction.

The net direct tax collection of Rs 3,79,760 crore (as of June 17, 2023) includes corporation tax at Rs 1,56,949 crore and personal income tax, including securities transaction tax, at Rs 2,22,196 crore, the Finance Ministry said in a statement. 

Advance tax collection for the April-June quarter of 2023-24 stood at Rs 1,16,776 crore as of June 17, reflecting a growth rate of 13.70 per cent over the same period last fiscal year. This includes corporation tax of Rs 92,784 crore and personal income tax of Rs 23,991 crore.

On a gross basis, before adjusting refunds, the tax mop-up stood at Rs 4.19 trillion, a 12.73 per cent growth rate over the same period last fiscal year. Gross corporation tax and personal income tax mop-up was Rs 1.87 trillion and Rs 2.31 trillion, respectively. Refunds of Rs 39,578 crore have been issued till June 17, a 30 per cent growth over last year.

The 2023-24 Budget has pegged direct tax collection at a little over Rs 18.23 trillion, a 9.75 per cent growth over Rs 16.61 trillion mopped up last fiscal year.