Question
Consider the following statements regarding the tax
collections in India- I.Advance tax collections in the first half of 2023-24 have increased to ā¹5.54 lakh crore. II.Out of the total advance tax collected, corporate tax accounted for ā¹2.80 lakh crore and personal income tax for ā¹74,481 crore. III.The net tax collections accounted toĀ Ā ā¹8.63 lakh crore, up 23% year on year. Which of the following statements is/are correct ?Solution
Advance tax collections in the first half of 2023-24 have increased 20% year on year to ā¹3.54 lakh crore.Ā Ā Of the total advance tax collected in the first two quarters of the fiscal, corporate tax accounted for ā¹2.80 lakh crore and personal income tax for ā¹74,481 crore.Ā Advance tax collections for the first quarter of 2023-24 stood at ā¹1.16 lakh crore.Ā Ā Ā Ā Gross tax collections till SeptemberĀ this fiscal stood at ā¹9.85 lakh crore. The government has issued ā¹1.22 lakh crore as refunds so far this year.Ā So, net tax collections stand at ā¹8.63 lakh crore, up 23% year on year.
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