Wednesday, Jul 17 2024 | Time 14:47 Hrs(IST)
Business Economy

Net direct tax collection rises 21 pc to Rs 4.63 lakh crore in FY25 till June 17

New Delhi, June 18 (UNI) Starting the new financial year on a strong note, India's net direct tax collection in 2024-25 till June 17 rose 20.99% year-on-year to Rs 4,62,664 crore.
As per the official figures, net direct tax collection during the corresponding period of 2023-24 was Rs 3,82,414 crore.
"The net direct tax collection of Rs 4,62,664 crore (as on 17.06.2024) includes Corporation Tax (CIT) at Rs 1,80,949 crore (net of refund) and Personal Income Tax (PIT) including Securities Transaction Tax (STT) at Rs 2,81,013 crore (net of refund)," Finance Ministry said in a statement on Tuesday.
The provisional figures of gross collection of direct taxes (before adjusting for refunds) for the financial year 2024-25 (as on June 17, 2024) stand at Rs 5,15,986 crore compared to Rs 4,22,295 crore in the corresponding period of the preceding financial year, showing a growth of 22.19% over the collections of FY 2023-24.
"The gross collection of Rs 5,15,986 crore includes Corporation Tax (CIT) at Rs 2,26,280 crore and Personal Income Tax (PIT) including Securities Transaction Tax (STT) at Rs 2,88,993 crore. Minor head wise collection comprises Advance Tax of Rs 1,48,823 crore; Tax Deducted at Source of Rs 3,24,787 crore; Self-Assessment Tax of Rs. 28,471 crore; Regular Assessment Tax of Rs 10,920 crore; and Tax under other minor heads of Rs 2,985 crore," the official statement said.
Provisional figures of total Advance Tax collections for Financial Year 2024-25 (as on 17.06.2024) stand at Rs 1,48,823 crore, against Advance Tax collections of Rs 1,16,875 crore for the corresponding period of the immediately preceding Financial Year (i.e. FY 2023-24), showing a growth of 27.34%. The Advance Tax collection of Rs 1,48,823 crore comprises Corporation Tax (CIT) at Rs 1,14,353 crore and Personal Income Tax (PIT) at Rs 34,470 crore.
"Refunds amounting to Rs 53,322 crore have also been issued in the FY 2024-25 till 17.06.2024, which are 33.70% higher than refunds issued during the same period in the preceding year," Finance Ministry said.
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