Advance tax collections in the first half of 2023-24 have increased 20% year on year to ₹3.54 lakh crore.
Advance tax is the amount of income tax that is paid much in advance rather than a lump-sum payment at the year-end.
Key Facts:
Contribution: Corporate tax accounted for ₹2.80 lakh crore and personal income tax for ₹74,481 crore.
Collections and Refunds: Gross tax collections till September 15 this fiscal stood at ₹9.85 lakh crore. The government has issued ₹1.22 lakh crore as refunds so far this year.
Fiscal Deficit: Government is able to meet its fiscal deficit target.
Set at 5.9% of gross domestic product (GDP) for 2023-24, this already represents a slow post-covid return to normalcy.
The Centre’s aim is to bring it down to 4.5% by 2025-26, which would still be well above the 3% upper limit enacted in 2003.
Final Figure: It is likely to rise a bit as it doesn’t include all payments till the second quarter’s 15 September deadline.
Comprehensive coverage with a concise format Integration of PYQ within the booklet Designed as per recent trends of Prelims questions हिंदी में भी उपलब्ध
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Comprehensive coverage with a concise format Integration of PYQ within the booklet Designed as per recent trends of Prelims questions हिंदी में भी उपलब्ध
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