Net direct tax collection has experienced a notable surge of 19.54 percent, reaching over ₹5.74 lakh crore so far this fiscal year, driven by higher advance tax payments from corporations.
Advance Tax Payments Surge
The first instalment of advance tax, due on June 15, saw a significant increase of 27.34 percent, amounting to ₹1.48 lakh crore. This figure includes Corporation Income Tax (CIT) at ₹1.14 lakh crore and Personal Income Tax (PIT) at ₹34,470 crore. According to data released by the Central Board of Direct Taxes (CBDT) on Saturday, the net direct tax collection of ₹5,74,357 crore (as of July 11, 2024) comprises CIT at ₹2,10,274 crore and PIT at ₹3,46,036 crore. Additionally, Securities Transaction Tax (STT) contributed ₹16,634 crore to the direct tax collection.
In comparison to the same period last year, when net direct tax collection was ₹4,80,458 crore, this year’s figures demonstrate a substantial increase.
Refunds and Gross Collection
Refunds amounting to ₹70,902 crore have been issued in FY25 up to July 11, marking a 64.4 percent increase over refunds issued during the same period in the previous year. For the period from April to July 11, the gross collection of direct taxes (before adjusting for refunds) stood at ₹6.45 lakh crore compared to ₹5.23 lakh crore in the year-ago period, reflecting a growth of 23.24 percent.
The interim budget for the full fiscal year has set a target for direct tax collection at ₹21.99 lakh crore.