Significant Growth Indicated as Advance Tax Collection for Direct Tax Hits Record High

In a significant development, there has been a notable increase in the advance tax collection for direct taxes, demonstrating a robust growth of 19.76% compared to the previous year's figures.

The data for December 2023 indicates an impressive collection of Rs 6,24,329 lakh crore, a substantial rise from the previous year's Rs 5,21,302 lakh crore.

The surge in advance corporate tax is particularly noteworthy, with a growth rate of 21.11%, representing a significant increase from Rs 3.97 lakh crore last year to Rs 4.81 lakh crore in the current fiscal year.

This upswing in corporate tax contributions highlights the resilience and vitality of the business sector amidst prevailing economic challenges.

Simultaneously, there is a notable 15.26% year-on-year rise in advance personal tax, with collections reaching Rs 1.42 lakh crore compared to the previous year's Rs 1.23 lakh crore.

This increase in individual contributions to advance tax indicates a positive trend in personal income, reflecting economic prosperity at the grassroots level.

The overall net collection has experienced a growth of 20.53% compared to the previous year. The total amount collected now stands at Rs 13.68 lakh crore, a substantial increase from last year's Rs 11.35 lakh crore.

This significant growth in net collection suggests a robust economic outlook and indicates a positive trajectory for the fiscal year.

Also Read: Budget 2024: Anticipations of Tax Experts For Budget 2024

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