NET DIRECT TAX COLLECTION RISES 23.5% TO OVER RS 8.65 LAKH CRORE

The net direct tax collection increased 23.51 per cent to over Rs 8.65 lakh crore till mid-September on higher advance tax mop-up from corporates, the finance ministry said on Monday. The net collections have reached 47.45 per cent of the full-year budget estimates (BE) of Rs 18.23 lakh crore. The steady growth in tax collection was helped by a 21 per cent growth in advance tax mop-up. September 15 was the last date for paying the second instalment of advance tax for 2023-24.

In a statement, the ministry said the net direct tax collection includes corporate income tax (CIT) at Rs 4,16,217 crore and personal income tax (PIT), including Securities Transaction Tax (STT), at Rs 4,47,291 crore. The advance tax collection stood at Rs 3.55 lakh crore till mid-September, a 21 per cent growth against Rs 2.94 lakh crore mopped up in the corresponding period of the preceding financial year.

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