The gross direct tax collections for financial year 2023-24 as on 17.06.2023 registered a growth of 12.73%, however the net direct tax collections for the same period grew at over 11.18%. Similarly, advance tax collections for the same period stands at Rs. 1,16,776 crore as on 17.06.2023, showing a growth of 13.70%. These all figures refer to good business trends and activities.

• The stupdendous growth in direct taxes revenues so far is higher than the projection for the financial year 2023-24.
• A softening of global commodity prices has moderated the input prices, which invariably support the operating margins and the tax revenue growth.
• The figures of direct tax collections show that net collections are at Rs. 3,79,760 crore, compared to Rs. 3,41,568 crore in the corresponding period of the preceding financial year 2022-23, representing an increase of 11.18%.
• The net direct tax collection of Rs. 3,79,760 crore for the same period includes Corporation Tax at Rs. 1,56,949 crore and personal income tax including Securities Transaction Tax (STT) at Rs. 2,22,196 crore net of refund.