Due to increase in advance tax payment by corporate companies, net direct tax collection in the current financial year (2024-25) so far has increased by 19.54 percent to more than Rs 5.74 lakh crore.
Advance Tax Payment: Due to increase in advance tax payment by corporate companies, net direct tax collection has increased by 19.54 percent to more than Rs 5.74 lakh crore so far in the current financial year (2024-25). The first installment of advance tax increased by 27.34 percent to Rs 1.48 lakh crore. It is to be paid on June 15. This includes corporate income tax (CIT) of Rs 1.14 lakh crore and personal income tax (PIT) of Rs 34,470 crore.
According to the data released by the Central Board of Direct Taxes (CBDT) on Saturday, the net direct tax collection till July 11, 2024 is Rs 5,74,357 crore. This includes CIT of Rs 2,10,274 crore and PIT of Rs 3,46,036 crore. It said that Securities Transaction Tax (STT) contributed Rs 16,634 crore to the direct tax collection. Net direct tax collection during the same period last year was Rs 4,80,458 crore.
Refunds of Rs 70,902 crore have also been issued in the current financial year till July 11, which is 64.4 percent more than the refund issued during the same period last year. The gross collection of direct taxes (before refund adjustment) from April to July 11 stood at Rs 6.45 lakh crore, while in the same period a year ago it was Rs 5.23 lakh crore, an increase of 23.24 percent. In the interim budget, direct tax collection for the entire financial year has been estimated at Rs 21.99 lakh crore.
