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Gross direct tax collections in India surge to Rs 8.13 lakh crore

New Delhi: Gross direct tax collections in India  from April 1 to August 11 have increased by 23.99 per cent over the same period of the previous year. The direct tax collections touched  Rs  8.13 lakh crore.  The collections were Rs 6.55 lakh crore  during the same period last year.

Net direct tax collections were recorded at Rs 6.93 lakh crore rupees, reflecting an increase of 22.48 per cent. In the same period last year, new direct  tax collection was at Rs 5.65 trillion.

Of the tax mop-up, personal income-tax (PIT) outpaced corporation tax. PIT stood at Rs 4.47 trillion (net) as against Rs 3.44 trillion in the same period a year ago. Corporation tax reported at Rs 2.2 trillion, an increase of 5.7 per cent, which is lower than the growth rate of 12 per cent set for this financial year. Direct taxes comprise PIT and corporation tax. Securities transaction tax, part of PIT, has jumped to Rs 21,599 crore from Rs 10,234 crore in the same period a year ago.

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Gross collection (before refunds) stood at Rs 8.13 trillion, marking a 23.99 per cent rise from the previous financial year.The government has issued direct tax refunds of Rs 1.20 trillion till August 11. That is an increase of 33.49 per cent over the Rs 90,028 crore in the corresponding period in FY24.

The Centre aims to raise gross tax revenue of Rs 38.40 trillion in FY25, according to the Budget. The Budget set a target of Rs 22.07 trillion from direct taxes and Rs 16.33 trillion from indirect taxes.

The government collected Rs 19.58 trillion as net direct tax in FY24. That is 17.1 per cent more than in the previous financial year. Collection exceeded the estimates by Rs 13,000 crore. In FY23, direct tax collection was Rs 16.64 trillion and Rs 14.08 trillion in FY22.

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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