Net direct tax collection grows 21% to Rs 4.62 lakh crore in April-June: CBDT
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The Central Board of Direct Taxes (CBDT) has said that net direct tax collection grew 21 per cent to Rs 4.62 lakh crore during April 1 to June 17, 2024 period, on higher advance tax mop-up. The first instalment of advance tax, which was due on June 15, showed collections rose 27.34 per cent to Rs 1.48 lakh crore. This includes corporate income-tax (CIT) at Rs 1.14 lakh crore and Personal Income Tax (PIT) at Rs 34,470 crore.
CBDT said the net direct tax collection of Rs 4.62 lakh crore includes CIT at Rs 1.81 lakh crore and PIT (including Securities Transaction Tax) at Rs 2.81 lakh crore. Refunds amounting to Rs 53,322 crore have also been issued in the FY 2024-25 till June 17, 34 per cent higher than refunds issued during the same period in the preceding year.
It further said for April-June 17, gross collection of direct taxes (before adjusting for refunds) stood at Rs 5.16 lakh crore compared to Rs 4.23 lakh crore in the corresponding period of the preceding financial year, showing a growth of 22.19 per cent. For full fiscal, the interim budget has pegged direct tax collection at Rs 21.99 lakh crore.
