As a result of increased advance tax collection, the net direct tax collection for the first half of current fiscal year increased by 11% to 3.80 lakh crore. The Finance ministry stated in a statement that the Net Direct Tax collection of 3,79,760 crore (as of June 17, 2023) includes corporation tax (CIT) at 1,56,949 crore and personal income tax (PIT) including stocks transaction tax (STT) at 2,22,196 crore. As of June 17, the Advance Tax receipts for the April-June quarter of 2023–24 were 1,16,776 crore, an increase of 13.70% over the same time in the previous fiscal. This includes PIT of Rs 23,991 crore and CIT of Rs 92,784 crore. Before accounting for refunds, the tax collection on a gross basis totaled 4.19 lakh crore, a 12.73% increase over the same period the previous year. Gross CIT and PIT mop up totaled 1.87 lakh crore rupees and 2.31 lakh crore rupees, respectively. Up to June 17, refunds of Rs. 39,578 crore have been issued, a 30% increase from the previous year.

Key Points

• As a result of increased advance tax collection, the net direct tax collection for the first half of current fiscal year increased by 11% to 3.80 lakh crore.

• Gross CIT and PIT mop up totaled 1.87 lakh crore rupees and 2.31 lakh crore rupees, respectively. Up to June 17, refunds of Rs. 39,578 crore have been issued, a 30% increase from the previous year.