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New Delhi: Indian taxpayers are shelling out more! Net direct tax collections for the financial year 2023-24 have surged by an impressive 20.66%, reaching a whopping Rs 13,70,388 crore. This is a significant jump from Rs 11,35,754 crore collected in the corresponding period of 2022-23, as reported by the Finance Ministry on Monday.
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, the official statement added. 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.
Provisional figures of total Advance Tax collections for Financial Year 2023-24 (as on Dec 17) stand at Rs. 6,25,249 crore, against Advance Tax collections of Rs 5,21,302 crore for the corresponding period of the preceding Financial Year showing a growth of 19.94 per cent.
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 per cent 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.
The finance ministry said it has also allowed extra borrowing to states equivalent to employer and employee share of contribution of its employees, over and above the 3 per cent ceiling. Earlier in June, the Centre had approved additional financial incentives worth Rs 66,413 crore to 12 states for power sector reforms.
The Union Finance Minister announced the initiative in the Union Budget 2021-22. Under this initiative, an additional borrowing space of up to 0.5 per cent of the GSDP is available to the states annually for a four-year period from 2021-22 to 2024-25.
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