New Delhi: India’s net direct tax collections rose by a whopping 18.3 per cent to nearly Rs 11.25 lakh crore so far up to October 10, 2024, according to official data. The Centre’s tax mop up included personal income taxes worth Rs 5.98 lakh crore apart from corporate taxes worth of Rs 4.94 lakh crore.
The Centre’s tax kitty also included a Securities Transaction Tax (STT) worth Rs 30,630 crore, apart from other taxes worth Rs 2,150 crore. The income tax (I-T) department collected direct taxes worth Rs 9.51 lakh crore in the year ago period.
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
Centre’s tax collection goals for FY25
The tax department received refunds worth Rs 2.31 lakh crore during April 1-October 10, 2024. The Centre’s direct tax kitty rose by 46 per cent during this period. Gross direct tax collections surged 22.3 per cent to Rs 13.57 lakh crore, including personal income tax (PIT) worth Rs 7.13 trillion and corporate taxes worth Rs 6.11 lakh crore.
The government has set a target of direct tax collections worth Rs 22.07 lakh crore, compared to Rs 19.58 lakh crore in the year-ago period. The Centre aims to garner indirect tax collections worth Rs 16.33 lakh crore in FY25. In September 2024, net direct tax collections rose by 21.48 per cent year-on-year to Rs 12.01 lakh crore.
The Income Tax Department has collected over Rs 13.57 lakh crore as direct tax for the financial year 2024-25 so far.
The collection includes personal income tax of over Rs 7 lakh crore and corporate tax of over Rs 6 lakh crore.
The department has also issued refunds of over… pic.twitter.com/rRrvodk5i0
— All India Radio News (@airnewsalerts) October 11, 2024
An interesting trend in the direct tax collection data is the rise in personal income tax collections compared to corporate tax collections. Advance tax collections also recorded strong year-on-year growth indicating economic growth in India, CNBCTV18 reported, citing Deloitte India partner Rohinton Sidhwa.
India’s direct tax collections rose 18.3 per cent to Rs 13.57 lakh crore compared to Rs 11.09 lakh crore in the year ago period. Economy Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
