As of September 17, there has been an increase of more than 16 percent in direct tax collection.
The country’s direct tax collection is continuously increasing. With the numbers being seen every month, it seems that a record has been broken in the current fiscal year. In the current financial year till September 17, there has been a 16 per cent increase in the net direct tax collection of the country. Due to which, the total collection figure has so far reached close to Rs 10 lakh crore. On the other hand, the refund figure has also crossed Rs 2 lakh crore, which is over 56 per cent as compared to the same period last year. Let us also tell you what kind of direct tax collection figures have been seen in the country.
56.49 percent increase in refunds
In the current financial year 2024-25, up to September 17, net direct tax collections rose 16.12 per cent to over Rs 9.95 lakh crore. According to official data released on Wednesday, refunds worth over Rs 2.05 lakh crore have been issued so far in the current financial year, which is 56.49 per cent higher than the same period last financial year. Between April 1 and September 17, net personal income tax (PIT) collections rose 19 per cent to Rs 5.15 lakh crore. Corporate tax collections have risen 10.55 per cent to over Rs 4.52 lakh crore. Securities Transaction Tax (STT) revenues have been Rs 26,154 crore.
Advance tax also increased
After adding refunds, net PIT and corporate tax collections so far in the current financial year stood at Rs 9,95,766 crore, up 16.12 per cent over the same period last year. Advance tax collections rose 22.61 per cent to Rs 4.36 lakh crore. There was a 39.22 per cent increase in PIT advance tax collections, while the increase in corporate tax was 18.17 per cent. Gross direct tax collections stood at Rs 12.01 lakh crore, up 21.48 per cent so far in the current financial year. The government has set a target of collecting Rs 22.12 lakh crore of direct taxes (personal income tax, corporate tax and other taxes) in the current financial year, which is 13 per cent more than the previous financial year.
