Net direct tax collection rises by 21% y-o-y to reach Rs 4.62 lakh crore in FY25

MUMBAI: The Indian government’s net direct tax collection increased by 21% year on year to Rs 4.62 lakh crore from April 1 to June 17, as against the collection of Rs 3.82 lakh crore in the same period last year, as per the release issued by the Ministry of Finance.

The net direct tax collection as of June 17, 2024, comprises Corporation Tax (CIT) at Rs 1,80,949 crore (net of refund) and Personal Income Tax (PIT), including Securities Transaction Tax (STT), at Rs 2,81,013 crore (net of refund).

“The provisional figures of Gross collection of Direct Taxes (before adjusting for refunds) for the Financial Year 2024–25 stand at Rs 5,15,986 crore compared to Rs 4,22,295 crore in the corresponding period of the preceding financial year, showing a growth of 22.19 per cent over the collections of FY 2023–24,” the Ministry said.

According to the Finance Ministry statement, the provisional figures for total Advance Tax collections for Financial Year 2024–25 as of June 17, 2024, amount to Rs 1.48 lakh crore. This marks a 27.34% increase compared to the Advance Tax collections of Rs 1,16,875 crore during the same period in the previous FY 2023–24.

The Advance Tax collection of Rs 1,48,823 crore includes Corporation Tax (CIT) at Rs 1,14,353 crore and Personal Income Tax (PIT) at Rs 34,470 crore.

Meanwhile, in the current FY up to June 17, 2024, refunds totaling Rs 0.53 lakh crore have been issued, reflecting a 33.70% increase compared to the refunds issued during the corresponding period in the previous year.

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