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India’s net direct tax collection, after adjusting for refunds, grew 18.35 per cent to Rs 11.3 trillion between April 1 and October 10 of FY25. In the same period last year, tax collection stood at Rs 9.51 trillion, according to the Income-Tax (I-T) Department’s latest data released on Friday.
Of the tax mop-up, personal income-tax (PIT) outpaced corporation tax. PIT stood at Rs 5.98 trillion (net) compared to Rs 4.88 trillion in the same period a year ago.
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Corporation tax (net) was reported at Rs 4.95 trillion, an increase of 11.2 per cent, which is slightly lower than the growth rate of 12 per cent set for the current financial year.
Direct taxes comprise PIT and corporation tax. Securities transaction tax, part of PIT, has jumped to Rs 30,630 crore from Rs 16,373 crore in the same period a year ago. This increase could be attributed to changes in tax rates and a rise in stock-market trading.
Gross direct tax collection (before refunds) stood at Rs 13.57 trillion, marking a 22.30 per cent rise from the previous financial year, according to the tax department.
The government has issued direct tax refunds of Rs 2.31 trillion till October 11, an increase of 46.03 per cent over the Rs 1.6 trillion issued in the corresponding period in FY24.
The Centre aims to raise gross tax revenue of Rs 38.40 trillion in FY25, according to the Budget. The Budget set a target of Rs 22.07 trillion from direct taxes and Rs 16.33 trillion from indirect taxes.
The government collected Rs 19.58 trillion as net direct tax in FY24, 17.1 per cent higher than the preceding financial year.
First Published: Oct 11 2024 | 8:44 PM IST
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