Net direct tax collection grows 19.54% to over Rs 5.74 lakh crore so far this fiscal: CBDT
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Central Board of Direct Taxes (CBDT) in its latest data has showed that net direct tax collection grew 19.54 per cent to over Rs 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 per cent to Rs 1.48 lakh crore. This includes Corporation Income Tax (CIT) at Rs 1.14 lakh crore and Personal Income Tax (PIT) at Rs 34,470 crore.
CBDT stated that the net direct tax collection of Rs 5,74,357 crore (as of July 11, 2024) includes CIT at Rs 2,10,274 crore and PIT at Rs 3,46,036 crore. Securities Transaction Tax (STT) contributed Rs 16,634 crore to the direct tax collection. During the same period last year, net direct tax collection was Rs 4,80,458 crore.
It further said refunds amounting to Rs 70,902 crore have also been issued in FY25 till July 11, which is 64.4 per cent 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 Rs 6.45 lakh crore compared to Rs 5.23 lakh crore in the year-ago period, showing a growth of 23.24 per cent. For full fiscal year, the interim budget has pegged direct tax collection at Rs 21.99 lakh crore.
