Direct Tax collection: The Income Tax Department has informed that a good increase is being seen in the tax collection of the country. In the current financial year 2024-25, till October 10, the net direct tax collection has increased by 18.3 percent to more than Rs 11.25 lakh crore (Rs 11.25,961 crore). The Income Tax Department had collected direct tax collection of Rs 9.51 lakh crore during the same period a year ago. On the gross basis, direct tax collection has increased by 22.3 percent to Rs 13.57 lakh crore. It has been told in the government data that this is the tax collection figure between April 1 and October 10.
According to the data released till yesterday, this
This includes personal tax collection of Rs 5.98 lakh crore and corporate tax collection of Rs 4.94 lakh crore.
Refunds worth Rs 2.31 lakh crore were issued, which is an increase of 46 percent.
Till October 10, Securities Transaction Tax collection (STT) has been Rs 30,630 crore, while Rs 2150 crore has been received from other tax collections.
Significant increase in gross tax collection also
If seen on gross basis, direct tax collection has increased by 22.3 percent to Rs 13.57 lakh crore. Gross tax collection includes personal income tax (PIT) of Rs 7.13 lakh crore and corporate tax of Rs 6.11 lakh crore. The government has set a target of raising Rs 22.07 lakh crore from direct taxes in the current financial year.
There has been a jump in the country’s tax collection in the current financial year 2024-25. This figure is the direct tax collection till October 10, 2024 after adjusting the refund. Therefore, on the basis of this, it can be assumed that the direct tax collection for the entire financial year is going to be higher than last year.
Data on Direct Tax (DT) collections for FY 2024-25 as on 10.10.24 has been released.
The data is available on the national website of Income Tax Department at the following link: https://t.co/wHK4PNXIvc@nsitharamanoffc @officeofpcm @FinMinIndia @PIB_India
— Income Tax India (@IncomeTaxIndia) October 11, 2024
Special points about tax collection
In the financial year 2025, till October 10, tax collection increased by 18.35 percent to Rs 11.3 trillion.
Tax collection for the same period a year ago was Rs 9.51 trillion.
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