Net direct tax collection grew 21 per cent to ₹4.62-lakh crore so far this fiscal on higher advance tax mop-up, the income tax department said on Tuesday.
The first instalment of advance tax, which was due on June 15, showed collections rose 27.34 per cent to ₹1.48-lakh crore. This includes Corporation Tax (CIT) at ₹1.14-lakh crore and Personal Income Tax (PIT) at ₹34,470 crore.
- Also read: Income Tax returns show doubling of capital gains in AY23
The net direct tax collection of ₹4,62,664 crore (as of June 17, 2024) includes CIT at ₹1,80,949 crore and PIT (including Securities Transaction Tax) at ₹2,81,013 crore, the Central Board of Direct Taxes (CBDT) said in a statement.
- Also read: GST Council meeting on June 22 to discuss key taxation issues
Refunds amounting to ₹53,322 crore have also been issued in the FY 2024-25 till June 17, 34 per cent higher than refunds issued during the same period in the preceding year.
For April-June 17, gross collection of direct taxes (before adjusting for refunds) stood at ₹5.16-lakh crore compared to ₹4.23-lakh crore in the corresponding period of the preceding financial year, showing a growth of 22.19 per cent.
