How did net direct tax collection increase this fiscal due to corporate advance tax payments?

Net direct tax collection increased this fiscal primarily due to higher corporate advance tax payments. This surge reflects improved corporate profitability and economic recovery, leading businesses to prepay taxes in anticipation of robust earnings, thereby boosting overall tax revenues.

Corporate Advance Tax Boosts Net Direct Tax Collection by 19.54%

Comparative Analysis

During the same period last year, the net direct tax collection stood at Rs 4,80,458 crore. This year’s figures reflect a robust growth trajectory in the fiscal landscape.

Refunds amounting to Rs 70,902 crore have also been issued in FY25 up to July 11, marking a 64.4 per cent increase compared to 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) was Rs 6.45 lakh crore, compared to Rs 5.23 lakh crore in the corresponding period last year, indicating a growth of 23.24 per cent.

The interim budget for the full fiscal year has set an ambitious target for direct tax collection at Rs 21.99 lakh crore.

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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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Corporate Advance Tax Boosts Net Direct Tax Collection by 19.54%

Comparative Analysis