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Web direct tax collections from April 1, 2023, to March 15, 2024, stood at Rs 18.95 lakh crore, up 14.05% yr on yr, buoyed by advance tax collections of Rs 9.10 lakh crore, officers stated.
To date, corporates have paid Rs 6.72 lakh crore prematurely tax whereas people accounted for Rs 2.37 lakh crore.
“Advance tax assortment will increase are a direct affirmation that company earnings and particular person earnings is rising,” stated Rohinton Sidhwa, associate at Deloitte India. With funds anticipated to circulate in till the month finish, direct tax collections may cross the revised estimate, stated one of many officers cited above.
Finance minister Nirmala Sitharaman, throughout her funds speech on February 1, had raised the direct tax collections projection for FY24 to Rs 19.45 lakh crore for the present fiscal from the funds estimate of Rs 18.20 lakh crore.Gross direct tax collections earlier than refunds stood at `22.25 lakh crore as of March 15, up 13.5% in comparison with the identical interval final yr, a second official stated.The gross company tax assortment for the interval beneath evaluation stood at Rs 10.97 lakh crore, rising 9.26% on yr, whereas private earnings tax, together with safety transaction tax (STT), stood at Rs 10.80 lakh crore, up 13.4%.Amongst minor head-wise collections, tax deducted at supply stood at Rs 10.31 lakh crore as of March 15, self-assessment tax at Rs 1.73 lakh crore, common evaluation tax at Rs 73,528 crore, and safety transaction tax at Rs 33,134 crore, the primary official cited above stated.
The federal government issued document refunds of Rs 3.33 lakh crore until March 15, over 10% larger than of Rs 3.03 lakh crore issued within the corresponding interval of FY23.
With the federal government anticipating revised returns by March 31, the general direct tax collections might go up additional, consultants stated.
“It’s doubtless that this yr the revised estimates for assortment of tax will probably be exceeded,” Sidhwa stated.
