New Delhi: India’s net direct tax collection stood at Rs 5.74 lakh crore as on till July 11 of the current financial year (2024-25). The net direct tax collection posted a robust 19.5 per cent growth.
Net corporate tax collections from April 1 to July 11 increased 12.5 per cent over the same period last year to Rs 2.1 lakh crore, while personal income tax including securities transaction tax rose 24 per cent to Rs 3.64 lakh crore. Gross direct tax collections, before refunds, surged 23.2 per cent compared to the same period last to Rs 6.45 lakh crore.
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There has also been a 64.5 per cent increase in direct tax refunds during the current financial year at Rs 70,902 crore between April 1 and July 11.
Direct taxes are collected from individuals and companies by the supreme tax body in the country. Direct taxes are directly paid by the tax payers. Direct taxes include personal income tax (PIT) and corporate income tax (CIT), besides taxes such as securities transaction tax (STT). Indirect tax is not paid directly by a person to the government. The net direct tax collection means the gross tax collection minus the refund.
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