India’s net direct tax collections, after adjusting refunds, grew 22.5 per cent to Rs 6.93 trillion between April 1 and August 11. In the same period last year, tax collections were at Rs 5.65 trillion, according to the income-tax department’s latest data released on Monday.
Of the total direct tax mop-up, personal income tax (PIT) continues to outpace corporation income tax (CIT).
Personal income tax stood at Rs 4.47 trillion (net) compared to Rs 3.44 trillion in the same period a year ago. Corporation tax (CIT) was reported at Rs 2.2 trillion, an increase of 5.7 per cent, which is lower than the growth rate of 12 per cent set for the current financial year (FY25).
Direct taxes comprise personal income tax and corporate tax. Securities transaction tax (STT) collections, which are part of personal income tax collections, jumped to Rs 21,599 crore from Rs 10,234 crore in the same period a year ago. This could be attributed to changes in tax rates and an increase in stock market trading activity.
Gross collection (before refunds) stood at Rs 8.13 trillion, marking a 23.99 per cent rise from the previous financial year, according to the tax department.
The government has issued direct tax refunds of Rs 1.20 trillion till August 11 in 2024-25, which is an increase of 33.49 per cent compared to Rs 90,028 crore issued in the corresponding period in 2023-24.
First Published: Aug 12 2024 | 8:46 PM IS