Direct tax mop-up rises 20% to ₹5.74 lakh cr on higher corporate advance tax
The Hindu
Net direct tax collection grows 19.54% to over ₹5.74 lakh crore in FY25, driven by higher advance tax payments.
Net direct tax collection grew 19.54% to over ₹5.74 lakh crore so far this fiscal on higher advance tax payment by corporates.
The first instalment of advance tax, which was due on June 15, rose 27.34% to ₹1.48 lakh crore. This includes Corporation Income Tax (CIT) at ₹1.14 lakh crore and Personal Income Tax (PIT) at ₹34,470 crore.
The net direct tax collection of ₹5,74,357 crore (as of July 11, 2024) includes CIT at ₹2,10,274 crore and PIT at ₹3,46,036 crore, as per data released by Central Board of Direct Taxes (CBDT) on July 13.
Securities Transaction Tax (STT) contributed ₹16,634 crore to the direct tax collection, it said.
During the same period last year, net direct tax collection was ₹4,80,458 crore.
Refunds amounting to ₹70,902 crore have also been issued in FY25 till July 11, which is 64.4% higher than refunds issued during the same period in the previous year.
For April-July 11, gross collection of direct taxes (before adjusting for refunds) stood at ₹6.45 lakh crore compared to ₹5.23 lakh crore in the year-ago period, showing a growth of 23.24%.
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