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Net direct tax collections cross Rs 13 lakh crore

New Delhi: Net direct tax collections for the financial year 2023-24 have surged 20.66%. As per data released by the Finance Ministry, net direct tax collections reached Rs 13,70,388 crore. It was at Rs 11,35,754 crore in the corresponding period of 2022-23.

The net direct tax collection of Rs 13,70,388 crore (as on Dec 17) includes Corporation Tax at Rs 6,94,798 crore (net of refund) and Personal Income Tax including Securities Transaction Tax (STT) at Rs 6,72,962 crore (net of refund). Refunds amounting to Rs 2,25,251 crore have also been issued in the 2023-24 till Dec 17.

Minor head-wise collection comprises Advance Tax of Rs 6,25,249 crore; Tax Deducted at Source of Rs 7,70,606 crore; Self-Assessment Tax of Rs 1,48,677 crore; Regular Assessment Tax of Rs 36,651 crore; and Tax under other minor heads of Rs 14,455 crore.

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Provisional figures of total Advance Tax collections for Financial Year 2023-24 (as on Dec 17) stand at Rs. 6,25,249 crore. It was at Rs 5,21,302 crore for the corresponding period of the preceding Financial Year. It witnessed a growth of 19.94%. The Advance Tax collection of Rs 6,25,249 crore comprises Corporation Tax at Rs 4,81,840 crore and Personal Income Tax at Rs. 1,43,404 crore, the statement added.

The Finance Ministry on Tuesday approved an additional borrowing of Rs 60,876.8 crore to 22 States in 2023-24 for contribution to the National Pension Scheme (NPS). This will be over and above the net borrowing ceiling for 2023-24.

The normal ceiling for net borrowing by states has been fixed at 3% of their gross state domestic product (GSDP). The GSDP currently stands at Rs 8.59 lakh crore. The ministry also issued approval for raising Rs 6.99 lakh crore for open market borrowing and Rs 69,370.81 crore for availing of negotiated loans during 2023-24.

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