Net direct tax mop-up grows 11% so far to Rs. 3,80 lakh crore

Boosted by the first installment of advances taxes, net direct tax collections grew 11.18 per cent to Rs 3,79,760 crore till June 17 in the current financial year, data released by the Finance Ministry showed.

The Centre’s advance direct tax collections for the April-June quarter from companies, limited liability partnerships (LLPs) and individuals rose 13.7 per cent to Rs 1,16,776 crore,  the finance ministry said in a statement.

The advance tax collections for April-June 2023-24 included corporation tax of Rs 92,784 crore and personal income tax of Rs 23,991 crore.

The growth rate in direct tax revenues so far is higher than 9.4 per cent increase projected for the financial year 2023-24. Though consumption demand is muted, a softening of global commodity prices has led to moderation in input prices, in turn supporting the operating margins of companies and thereby, the tax revenue growth.