First Quarter Advance Tax Jumps 13.7% Over Last Year; Direct Tax Collection Rose 11.18%
The government's direct tax collection estimate in the budget is Rs 23.3 lakh crore, with this achieving 16.29% of that target.
The Advance Tax collections for the first quarter of the FY 2023-24 stood at Rs 1,16,776 crore as on 17.06.2023. a jump of 13.7%. In comparison last year, advance tax collections stood at Rs 1,02,707 crore in Q1 of FY23.
The advance tax is paid in four instalments through the year, with the first quarter amounting to 15% of the evaluated tax liability of companies and individuals for the particular fiscal.
Direct Tax collection for the financial year period April 1- June 17, 2023 rose 11.18%, according to a government release on direct tax collections. The mop-up represented an increase of 11.18% over the corresponding period last year at Rs 4.19 lakh crore.
Advance Tax figures for the first quarter too came in at Rs 1.16 lakh crore, showing a 13.7% growth over the corresponding period in the previous fiscal.
The government's direct tax collection estimate outlined in the budget is Rs 23.3 lakh crore, with these collections achieving 16.29% of that target.
The Fineprint
The figures of Direct Tax collections for the financial year 2023-24, as on 17 June, 2023 stood at:
Gross collections rose 12.73% (before adjusting for refunds): Rs 4,19,338 crore compared to Rs 3,71,982 crore in the corresponding period of FY23
Net collections rose 11.18% to Rs 3,79,760 crore compared to Rs 3,41,568 crore in the same period in FY23.
Of this,
Corporation Tax (CIT) stood at Rs 1,87,311 crore
Personal Income Tax (PIT) including Securities Transaction Tax (STT) came in at Rs 2,31,391 crore.
Category wise tax collection for Q1 FY24:
Advance Tax : Rs 1,16,776 crore
Tax Deducted at Source : Rs 2,71,849 crore
Self-Assessment Tax : Rs 18,128 crore
Regular Assessment Tax : Rs 9,977 crore
Tax under other minor heads : Rs 2,607 crore
Refunds : Rs 39,578 crore issued till June 17
