Net direct tax collection may cross the target, impact of increase in corporate profit will be visible

In the current fiscal year, net direct tax collection might surpass the goal of Rs 19.45 lakh crore. Advance tax payments have increased net direct tax collections, according to sources. The total amount of taxes collected between April 1, 2023, and March 15, 2024, was Rs 18.95 lakh crore. Compared to the same period last year, this is 14.05% more. A total of Rs 9.10 lakh crore in advance tax has been received by the government for the current fiscal year 2023-24.

Individual taxpayers have paid Rs 2.37 lakh crore in taxes, while corporations have paid Rs 6.72 lakh crore thus far. The last day of it was March 15. In such a situation, the government hopes that in the figures that will come on March 31, the net direct tax collection can reach close to Rs 20 lakh crore. According to experts, the increase in advance tax collection is evidence that corporate profits and individual income are increasing.

Up until March 15, gross direct tax collections (before refunds) were recorded at Rs 22.25 lakh crore. Compared to the same period last year, this is 13.5% more. At Rs 10.97 lakh crore, the gross corporate tax collection was 9.26% higher annually. To reach Rs 10.80 lakh crore, the personal income tax, which includes the securities transaction tax, increased by 13.4%. Up until March 15, the government issued a record refund of Rs 3.33 lakh crore, which is 10% more than the Rs 3.03 lakh crore from the same period in the previous fiscal year.