Advance tax collection surges 2734 to Rs 148 trillion in June qtr so far | Economy & Policy News

The Centre’s advance tax collection in this financial year till June 17 surged to 27.34 per cent to garner Rs 1.48 trillion, indicating strong corporate earnings and improved compliance. Of this, Corporation Tax stood at Rs 1.14 trillion and Personal Income Tax at Rs 34,470 crore.

This has taken the total net direct tax collection to Rs 4.62 trillion during the period, a growth of 21 per cent, the Central Board of Direct Taxes (CBDT) said on Tuesday.

The net direct tax collection includes Corporation Tax at Rs 1.80 trillion and Personal Income Tax (including Securities Transaction Tax) at Rs 2.81 trillion, the CBDT stated.

Refunds amounting to Rs 53,322 crore have also been issued in FY25 till June 17, which is 34 per cent higher than refunds issued during the same period in the preceding financial year.

For April-June 17, gross collection of direct taxes (before adjusting for refunds) stood at Rs 5.16 trillion compared to Rs 4.23 trillion in the corresponding period of FY24, showing a growth of 22.19 per cent.

First Published: Jun 18 2024 | 8:23 PM IST