direct tax: India’s internet direct tax assortment grows 20% to over Rs 18.90 lakh crore until March 17

The Revenue tax division information additionally acknowledged that the internet direct tax assortment of Rs 18,90,259 crore (as of March 17) consists of Company Tax (CIT) at Rs 9,14,469 crore (internet of refund) and Private Revenue Tax (PIT), together with Securities Transaction Tax (STT) at Rs 9,72,224 crore (internet of refund).

Refunds amounting to about Rs 3.37 lakh crore have additionally been issued within the present fiscal until March 17.

On a gross foundation, earlier than adjusting refunds, the direct tax assortment stood at Rs 22.27 lakh crore, an 18.74 per cent progress over the year-ago interval.

“The provisional figures of Direct Tax collections for the Monetary Yr 2023-24 (as of March 17, 2024) present that internet collections are at Rs 18,90,259 crore, in comparison with Rs 15,76,776 crore within the corresponding interval of the previous Monetary Yr (FY 2022-23), representing a rise of 19.88 per cent,” the Central Board of Direct Taxes (CBDT) mentioned in a press release.

The federal government had within the revised estimates for direct tax assortment pegged the receipts for the complete fiscal (April-March) at Rs 19.45 lakh croreFinance 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 Rs 22.25 lakh crore as of March 15, up 13.5 per cent in comparison with the identical interval final yr, ET had reported earlier, citing a second official.