New Delhi: The gross direct tax collection in the country surged 18.29 so far in this financial year . The gross direct tax collection is at Rs 9.87 lakh crore. It was at Rs 8.34 lakh crore in the last financial year.
The gross collection of Rs 9,87,061 crore includes Corporation Tax (CIT) at Rs 4,71,692 crore and Personal Income Tax (PIT) including Securities Transaction Tax (STT) at Rs 5,13,724 crore.
Direct Tax collection, net of refunds, stands at Rs 8.65 lakh crore. This is 23.51% higher than the corresponding period of last year. Direct Tax collection, net of refunds was at Rs 7.41 lakh crore in the last financial year.
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The net collections of Rs 8,65,117 crore, include Corporation Tax (CIT) at Rs 4,16,217 crore (net of refund) and Personal Income Tax (PIT) including Securities Transaction Tax (STT) at Rs 4,47,291 crore (net of refund).
The advance tax collections for this financial year stood at Rs 3.55 lakh crore rupees . This is a growth of 20.73%. The advance tax collections for the last financial year was at Rs 2.94 lakh crore.
The advance tax collection of Rs 3,55,481 crore comprises Corporation Tax (CIT) at Rs 2,80,620 crore and Personal Income Tax (PIT) at Rs 74,858 crore. Refunds amounting to Rs 1,21,944 crore have also been issued in the FY 2023-24 till 16.09.2023.
Direct taxes are collected from individuals and companies by the supreme tax body in the country. Direct taxes are directly paid by the tax payers. Direct tax include income tax, corporate tax and estate tax. Indirect tax is not paid directly by a person to the government. The net direct tax collection means the gross tax collection minus the refund.
Indirect tax is collected by an intermediary such as manufacturer, trader or service provider and passed on to the government. The consumer bears the final economic burden of the tax. Indirect tax includes GST, central excise duty and customs.
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