Photo used for representation purpose only.
| Photo Credit: Getty Images/iStockphoto

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%.

For full fiscal year, the interim budget has pegged direct tax collection at ₹21.99 lakh crore.

New Delhi:

The net direct tax collection increased by 21.82 per cent to over Rs 9.57 lakh crore till October 9, helped by good inflow from corporates and individuals, the Finance Ministry said on Tuesday.

The net collections have reached 52.5 per cent of the full-year budget estimates (BE) of Rs 18.23 lakh crore.

The provisional figures of Direct Tax collections up to October 9, 2023, continue to register steady growth, the statement said.

With regard to gross direct tax collections, the statement said, it stood at Rs 11.07 lakh crore, which is 17.95 per cent higher than the gross collections for the comparable period of last year.

So far, as the growth rate for Corporate Income Tax (CIT) and Personal Income Tax (PIT) in terms of gross revenue collections is concerned, the growth rate for CIT is 7.30 per cent while that for PIT is 29.53 per cent (PIT only); 29.08 per cent (PIT including STT).

After adjustment of refunds, the net growth in CIT collections is 12.39 per cent and that in PIT collections is 32.51 per cent (PIT only)/ 31.85 per cent (PIT including STT).

Refunds amounting to Rs 1.50 lakh crore have been issued from April 2023 to October 9, 2023.

The 2023-24 budget has pegged the direct tax collection at a little over Rs 18.23 lakh crore, 9.75 per cent higher than Rs 16.61 lakh crore mopped up last fiscal. 

Image used for representational purpose only.
| Photo Credit: S. Siva Saravanan

Gross direct tax collection grew 15.73% to ₹6.53 lakh crore till August 10 in the current fiscal, the Income Tax department said on August 11.

Net direct tax collection after adjusting refunds stands at ₹5.84 lakh crore, which is 17.33% higher than the net collections for the corresponding period of last year.

Also read | Net direct tax collections up 17.63%, exceed revised estimates target

“The provisional figures of direct tax collections up to 10 August, 2023 continue to register steady growth,” the Central Board of Direct Taxes (CBDT) said in a statement.

The collection is 32.03% of the total budget estimates of direct taxes for current fiscal 2023-24.

Refunds amounting to ₹69,000 crore have been issued till August 10, which are 3.73% higher than refunds issued during the same period in the preceding year.