Blitz Bureau
NEW DELHI: India’s net direct tax collection surged by 22.5 per cent to Rs 6.93 lakh crore during the current financial year so far (April 1 to August 11) which is expected to keep the country firmly on the path of fiscal consolidation. The net direct tax collection includes Personal Income Tax (PIT) collection of Rs 4.47 lakh crore and Corporate Tax collection of Rs 2.22 lakh crore.
Securities Transaction Tax (STT) raked in Rs 21,599 crore, while other taxes (which include equalisation levy and gift tax) yielded Rs 1,617 crore, according to the latest data released by the Government. As per official data, refunds worth Rs 1.20 lakh crore were issued between April 1 to August 11, a growth of 33.49 per cent.
On a gross basis, direct tax collection grew 24 per cent to Rs 8.13 lakh crore. The collection includes PIT of Rs 4.82 lakh crore and Corporate Tax of Rs 3.08 lakh crore.
Gross PIT collections have shown a robust increase in 2024-25 so far, compared to the corresponding figure of Rs 3.91 lakh crore in the same period of 2023-24. The Government has budgeted to collect Rs 22.07 lakh crore in the current fiscal from direct taxes.
The strong growth in direct tax collections is backed by an equally robust growth in GST collections which clocked a double digit growth of 10.3 per cent to surpass the Rs 1.82 lakh crore mark in July.
