{"id":7189,"date":"2024-07-13T07:50:32","date_gmt":"2024-07-13T07:50:32","guid":{"rendered":"https:\/\/khabarok.com\/business\/direct-tax-mop-up-rises-20-to-%e2%82%b95-74-lakh-crore-on-higher-advance-corporate-tax\/"},"modified":"2024-07-13T07:50:32","modified_gmt":"2024-07-13T07:50:32","slug":"direct-tax-mop-up-rises-20-to-%e2%82%b95-74-lakh-crore-on-higher-advance-corporate-tax","status":"publish","type":"post","link":"https:\/\/khabarok.com\/?p=7189","title":{"rendered":"Direct tax mop-up rises 20% to \u20b95.74 lakh crore on higher advance corporate tax"},"content":{"rendered":"<p><\/p>\n<div id=\"content-body-68399556\" itemprop=\"articleBody\">\n<p>Net direct tax collection grew 19.54 per cent to over \u20b95.74 lakh crore so far this fiscal on higher advance tax payments by corporates.<\/p>\n<ul class=\"article-bullet-list\">\n<li><b>Also read: Union Budget should focus on fiscal prudence, tax restructuring, agriculture reforms: SBI Research<\/b><\/li>\n<\/ul>\n<p> The first instalment of advance tax, which was due on June 15, rose 27.34 per cent to \u20b91.48 lakh crore. This includes Corporation Income Tax (CIT) at \u20b91.14 lakh crore and Personal Income Tax (PIT) at \u20b934,470 crore.<\/p>\n<p> The net direct tax collection of \u20b95,74,357 crore (as of July 11, 2024) includes CIT at \u20b92,10,274 crore and PIT at \u20b93,46,036 crore, as per data released by Central Board of Direct Taxes (CBDT) on Saturday.<\/p>\n<p> Securities Transaction Tax (STT) contributed \u20b916,634 crore to the direct tax collection, it said.<\/p>\n<p> During the same period last year, net direct tax collection was \u20b94,80,458 crore.<\/p>\n<ul class=\"article-bullet-list\">\n<li><b>Also read: After 7 years, GST poised for next stage of reforms<\/b><\/li>\n<\/ul>\n<p>Refunds amounting to \u20b970,902 crore have also been issued in FY25 till July 11, which is 64.4 per cent higher than refunds issued during the same period in the previous year.<\/p>\n<p> For April-July 11, gross collection of direct taxes (before adjusting for refunds) stood at \u20b96.45 lakh crore compared to \u20b95.23 lakh crore in the year-ago period, showing a growth of 23.24 per cent.<\/p>\n<p> For full fiscal year, the interim budget has pegged direct tax collection at \u20b921.99 lakh crore. <\/p>\n<div class=\"share-article-section second-article-share share-article-section-mobile\">\n<div class=\"share-page\" data-title=\"Direct tax mop-up rises 20% to \u20b95.74 lakh crore on higher advance corporate tax\" data-url=\"https:\/\/www.thehindubusinessline.com\/economy\/direct-tax-mop-up-rises-20-to-574-lakh-crore-on-higher-advance-corporate-tax\/article68399556.ece\">\n<p><span class=\"red-text-color\"\/>SHARE\n<\/p>\n<ul class=\"share-list\" style=\"display: none;\">\n<li class=\"copy-link\" onclick=\"if (!window.__cfRLUnblockHandlers) return false; 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