India's net direct tax collection surges 19.5% to ₹5.74L crore
The Income Tax Department has reported a significant 19.54% increase in net direct tax collection for the fiscal year (FY) 2024-25 so far, reaching ₹5.74 lakh crore by July 11, 2024. This marks a substantial rise from the preceding fiscal year's figures. The gross direct tax collection also saw an impressive surge, amounting to ₹6.45 lakh crore, which is a 23.24% hike compared to the corresponding data of FY24.
IT refunds soar by 64.49%
Income tax refunds have also seen a significant increase, reaching ₹70,902 crore until July 11, 2024. This figure is a staggering 64.49% more than the corresponding figure in fiscal year 2024. The maximum refund of ₹55,063 crore was made to corporate taxpayers, while personal income taxpayers bagged refunds amounting to ₹15,826 crore. Other taxes contributed a mere ₹13 crore in refunds.
Breakdown of net direct tax collection
The net direct tax collection of ₹5.74 lakh crore as on July 11, 2024, was largely contributed by personal income tax and corporate tax. Personal income tax accounted for ₹3.46 lakh crore, while corporate tax contributed ₹2.10 lakh crore. Securities transaction tax (STT) receipts stood at ₹16,634 crore and 'other taxes' amounted to ₹1,413 crore. The 'other taxes' category includes a variety of levies such as equalization levy, fringe benefit tax, wealth tax among others.
Gross direct tax collection shows significant growth
The gross direct tax collection till July 11, 2024, amounted to ₹6.45 lakh crore. Personal income tax contributed ₹3.61 lakh crore and corporate tax added ₹2.65 lakh crore to this total. The securities transaction tax (STT) in gross collection was ₹16,634 crore, while other taxes stood at ₹1,426 crore. Notably, the gross collection of corporate tax saw a growth of 20.44%, while personal income tax witnessed a growth of 22.76% and personal income tax (including STT) saw jump of 25.31%.
