India's net direct tax collection has surged by 19.54% to over ₹5.74 lakh crore so far this fiscal year, driven by a significant increase in advance tax payments from corporations.
According to data from the Central Board of Direct Taxes (CBDT), the first instalment of advance tax, due on June 15, saw a 27.34% rise, amounting to ₹1.48 lakh crore. This includes ₹1.14 lakh crore from Corporation Income Tax (CIT) and ₹34,470 crore from Personal Income Tax (PIT).
As of July 11, 2024, the net direct tax collection stands at ₹5,74,357 crore. This figure comprises ₹2,10,274 crore from CIT and ₹3,46,036 crore from PIT. Additionally, the Securities Transaction Tax (STT) contributed ₹16,634 crore to the overall direct tax collection.
For comparison, during the same period last year, the net direct tax collection was ₹4,80,458 crore.
Refunds amounting to ₹70,902 crore have been issued in FY25 up to July 11, marking a 64.4% increase compared to the same period last year.
The gross collection of direct taxes (before adjusting for refunds) for the period from April to July 11 stood at ₹6.45 lakh crore, showing a growth of 23.24% compared to ₹5.23 lakh crore in the same period last year.
The interim budget for the full fiscal year has set the target for direct tax collection at ₹21.99 lakh crore.
The substantial growth in direct tax collection reflects the robust economic activity and compliance by taxpayers, paving the way for meeting the fiscal targets set by the government.
(Inputs from Agencies)
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