India's FY25 advance tax collection surges 27% to ₹1.48L crore
The Indian government has reported a significant rise of 27.6% in advance tax collection for the current financial year up to June 15, reaching ₹1.48 lakh crore. This increase is seen as a positive sign of a robust economy and strong corporate performance. The collected amount includes ₹1.14 lakh crore as corporate tax and ₹34,362 crore as personal income tax. In the current fiscal, the Centre has budgeted ₹21.99 lakh crore from direct tax collection.
Rise in net direct tax collection
The surge in advance tax payments has led to a rise in net direct tax collection for the period from April 1 to June 15 by 21.8% year-on-year, amounting to ₹4.62 lakh crore. Aditi Nayar, Chief Economist at ICRA, stated that "higher advance tax combined is expected to result in a comfortable liquidity position ahead of the presentation of the full budget."
Income tax refunds have also increased
The Income Tax department has also increased its tax refunds until June 15, refunding ₹53,140 crore in taxes. This figure is higher than the refunds of ₹39,390 crore made during the same period in the previous year. In total for the fiscal year 2023-24, the government collected ₹19.58 lakh crore as net direct tax which was an increase of 17.1% compared to the previous fiscal year and exceeded revised estimates by ₹13,000 crore.
