FY24 Advance Tax Mop-Up Stands At Rs 9.11 Lakh Crore
The window for paying the final installment of advance tax ended on March 15.
Provisional advance tax collections, till March 17, at the end of the fourth installment, increased 22.31% year-on-year to Rs 9.11 lakh crore.
Out of this, advance corporate tax was at Rs 6.72 lakh crore, while personal tax stood at Rs 2.38 lakh crore, according to data released by the Central Board of Direct Taxes on Tuesday. Cumulative collections over the corresponding period last year stood at Rs 7,45,246 crore.
The window for paying the final installment of advance tax ended on March 15.
Advance tax is paid in four installments through the financial year, with the fourth and final installment amounting to 100% of the total evaluated tax liability for the particular year.
Meanwhile, gross direct tax collections, as of March 17, stood at Rs 22.27 lakh crore—an 18.74% increase over the last year.
Net direct tax collections rose 19.88% year-on-year to Rs 18.9 lakh crore.
This makes up for over 97% of the revised estimates for corporate and personal income taxes for the year ending March 2024, which was pegged at Rs 19.45 lakh crore.
Refunds amounting to Rs 3.36 lakh crore have been issued till March 17 this fiscal, government data showed.
Advance Tax estimates highlight efforts of compliance with corporate advance tax coming in at Rs 6,72,899 crore and advance personal income tax (PIT) at Rs 2,38,628 crore.
The pace of growth witnessed in tax revenues underlines the continued momentum of tax policy reforms carried out round the year, according to Sumit Singhania, a partner at Deloitte India.
"What also stands out is the significant growth is advance tax collections that arguably can account for growing voluntary compliances across taxpayers categories," he added.
Tax Figures At A Glance
Gross collections: Rs 22,27,067 crore.
Net collections: Rs 18,90,259 crore.
Net corporate tax: Rs 9,14,469 crore.
Net personal income tax (including STT) : Rs 9,72,224 crore.
Advance tax: Rs 9,11,534 crore.
Tax deducted at source: Rs 10,44,511 crore.
Self-assessment tax: Rs 1,73,296 crore.
Regular assessment tax: Rs 73,548 crore.
Tax under other minor heads: Rs 24,177 crore.
Refunds: Rs 3,36,808 crore.
