Advance Tax Mopup Increased by 15% in the June Quarter
Corp tax is 292,172 cr, I-T is 223,513 cr
People with knowledge of the situation reported that India’s advance tax revenues for FY24 increased by 15% from a year ago to Rs. 1.15 lakh crore in the June quarter. Corporate tax contributed Rs. 92,172 crore of the advance tax received up until June 15, while personal income tax contributed Rs. 23,513 crore.
In the June quarter of the previous fiscal year, advance tax collections were Rs 1.01 lakh crore, of which corporate tax accounted for Rs 78,842 crore and personal income tax Rs 22,175 crore.
As of June 15, total direct tax revenues, net of refunds, were Rs. 3.78 lakh crore, of which net corporate tax revenues were Rs. 1.56 lakh crore and total income tax revenues were Rs. 2.16 lakh crore.
The figures reflect payments made through June 15 at 11:30 p.m. The official estimates could increase even more, they suggested.
When additional data from banks is received on Monday, the figures are anticipated to rise, according to an official.
the rapid growth Advance tax receipts are consistent with other high-frequency data that show the economy is enduring despite rising interest rates and weakening global growth, including sales of cars and petrol.
Compared to reimbursements of Rs. 30,334 crore issued during the same period previous year, the I-T department provided refunds totaling Rs. 39,390 crore as of June 15: There was a 2.69 lakh crore rupee tax deducted at source.
In the June quarter, advance tax collections totalled Rs. 1.15 lakh cr.
Direct tax receipts, less refunds, at Rs. 3.78 lakh crore
Nos reflect collections through June 15; ultimate amount could increase
Total refunds of Rs. 39390 crore.