What caused the 21% increase in net direct tax collection this fiscal year?

The 21% increase in net direct tax collection this fiscal year can be attributed to robust economic recovery post-pandemic, improved compliance due to digitization, and targeted enforcement actions. Additionally, higher corporate earnings and personal incomes have significantly boosted tax revenues.

Corporate Lease Boosts Direct Tax Collection by 21% This Fiscal

Refunds and Gross Collection

Refunds amounting to Rs 53,322 crore have been issued in FY 2024-25 up to June 17, marking a 34% increase compared to the same period last year. The gross collection of direct taxes before adjusting for refunds stood at Rs 5.16 lakh crore for the period from April to June 17, compared to Rs 4.23 lakh crore in the corresponding period of the previous financial year, reflecting a growth of 22.19%.

For the full fiscal year, the interim budget has set a target for direct tax collection at Rs 21.99 lakh crore.

Deloitte India Partner Rohinton Sidhwa commented on the validation of economic growth in India, evidenced by the increased advance tax collection. “The growth is showing up in both direct and indirect taxes and is also indicative of a greater formalization of the economy and better compliance,” Sidhwa said.

Shardul Amarchand Mangaldas & Co Partner Gouri Puri noted that the year-on-year increase in direct tax collections is a result of India’s expanding economy, which is becoming more digital and formal, leading to higher tax compliance rates.

Businesses Secure Long-Term Stability with New Lease Agreements

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India Sees 22.5% Growth in Tax Collections, Boosted by Lease Revenues

India's net direct tax collections saw a significant boost, growing by 22.5% as of August 11, compared to 19.54% the previous month. This surge was driven by a 30% rise in Personal Income Tax revenues and a 111% increase in Securities Transaction Tax receipts, despite modest corporate tax growth.

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Lawmakers Consider Alternatives as Lease Deduction Nears Expiration

Lawmakers are evaluating alternatives to the expiring 20% deduction for qualified business income introduced by the Tax Cuts and Jobs Act. One option is corporate integration, which could address existing distortions. Businesses with a lease may also be impacted by these potential changes.

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Methodology for calculating the Base Rates of Hellenic Bank

Learn about the methodology used by Hellenic Bank to calculate its Base Rates. Our transparent approach ensures that rates are determined using key economic factors, providing a clear and reliable framework for both personal and corporate banking needs.

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Corporate Lease Boosts Direct Tax Collection by 21% This Fiscal

Refunds and Gross Collection