Direct tax collections jump 21% to cross Rs 13.7 lakh crore in current financial year

Net direct tax collections for the financial year 2023-24 have jumped by 20.66 per cent to Rs 13,70,388 crore, compared to Rs 11,35,754 crore in the corresponding period of 2022-23, the Finance Ministry said 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. Meanwhile, The government on Monday informed Parliament that Google has suspended or removed over 2,500 fraudulent loan apps from its Play Store between April 2021 and July 2022. The government is constantly engaged with the Reserve Bank of India (RBI) and other regulators and stakeholders concerned to control fraudulent loan apps, Finance Minister Nirmala Sitharaman said in a written reply to the Lok Sabha. The matter is also regularly discussed and monitored in the meetings of the Financial Stability and Development Council (FSDC), an inter-regulatory forum under the chairpersonship of the Finance Minister. The objective is to remain proactive, maintain cyber secur