Tax refunds worth Rs 3.33 lakh crore have been issued till March 15, 2024 in the financial year 2023-24.
Direct Tax Collection: According to the Central Board of Direct Taxes (CBDT), the net direct tax collection has increased by 14.05% to Rs 18.95 lakh crore till March 15 in the financial year 2023-24. The last date to submit the file installment of advance tax for the financial year 2023-24 was March 15, 2024.
There was a jump in gross tax collection
In the current financial year, gross tax collection has increased by 13.5% to Rs 22.25 lakh crore. Net direct collection has increased by 14.05 to 18.95 lakh crore. Net advance collection has reached Rs 9.10 lakh crore. Whereas, if we talk about corporate tax, it has increased by 9.5% to Rs 10.97 lakh crore.
Tax refunds worth Rs 3.33 lakh crore issued
Income Tax Department said that Gross Personal Income Tax (with STT) has increased by 13.4% to Rs. 10.80 lakh crore. At the same time, till March 15, 2024, tax refunds worth Rs 3.33 lakh crore have been issued. The revised target of direct tax collection was Rs 19.45 lakh crore, in which 97% collection has been completed.
This much amount is expected to be collected from net direct tax.
According to the Income Tax Department, the net direct tax collection has reached 75% of the budget estimate. Rs 18.23 lakh crore is expected to be collected from direct tax in the current financial year. This includes personal income tax and corporate tax.
