India's net direct tax collection rises by 22%, reaching ₹6.93 lakh crore.

13 August, 2024

Summary:

As of August 11, net direct tax collections for this fiscal year have increased by 22.48%, totaling around ₹6.93 lakh crore. This amount includes ₹4.47 lakh crore from personal income tax and ₹2.22 lakh crore from corporate tax. Additionally, ₹21,599 crore was collected through the Securities Transaction Tax (STT), with other taxes contributing ₹1,617 crore.

India net direct tax collection rises by 22 Percent

As of August 11 this fiscal year, India's net direct tax collection increased by 22.48% to approximately ₹6.93 lakh crore, the government announced on Monday. This figure includes ₹4.47 lakh crore from personal income tax and ₹2.22 lakh crore from corporate tax. The Securities Transaction Tax (STT) contributed ₹21,599 crore, while other taxes, including the equalization levy and gift tax, added ₹1,617 crore.

According to government data, refunds amounting to ₹1.20 lakh crore were issued between April 1 and August 11, reflecting a growth of 33.49%.

On a gross basis, direct tax collection increased by 24% to ₹8.13 lakh crore. This includes ₹4.82 lakh crore from personal income tax (PIT) and ₹3.08 lakh crore from corporate tax.

Gross personal income tax collections have seen a notable rise over the past year. For the fiscal year 2023-24, collections reached ₹3.91 lakh crore as of August 11, 2023. In comparison, for the fiscal year 2024-25, collections have increased to ₹4.81 lakh crore as of August 11, 2024, indicating significant growth in personal income tax revenue.

The government has set a target to collect ₹22.07 lakh crore in direct taxes for the current fiscal year.

In July, GST collections increased by 10.3% to over ₹1.82 lakh crore, primarily driven by domestic transactions in goods and services, according to official data released on Thursday.

The data shows that total refunds amounted to ₹16,283 crore in July. After adjusting for refunds, the net Goods and Services Tax (GST) collection exceeded ₹1.66 lakh crore, reflecting a growth of 14.4%.

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