New Delhi:?Gross direct tax collection in India surged by 20.32% year-on-year to Rs 19.21 lakh crore as of December 17. But net collection during this period saw a 16.45% increase to Rs 15.82 lakh crore.
Gross corporate tax (CT) collection in the current financial year (as of December 17, 2024) posted 16.92% annualised growth to Rs 9,24,693 crore, but the net collection saw only an 8.57% year-on-year increase on account of higher refunds. Refunds to corporates jumped 70.32% to Rs 1,82,086 crore as compared to Rs 1,06,904 crore in FY24 (as of December 17, 2023).
Gross non-corporate tax (NCT), which mainly includes individual income-tax revenue, posted a jump of a little over 22% to Rs 9,53,871 crore in 2024-25 (up to December 17) as compared to Rs 7,81,737 crore in the same period last year.
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The income-tax department has issued refunds to the tune of Rs 1,56,792 crore in 2024-25, an increase of about 19.78% over the Rs 1,30,901 crore refunded last year during the corresponding period.
The net NCT has risen 22.47% to Rs 7,97,080 crore, in 2024-25 up to December 17. Gross GST revenue collection in November increased by 8.5% to Rs 1,82,269 crore compared to Rs 1,67,929 crore collected in the same month last year, while the net collection after refunds saw an 11.1% jump at Rs 1,63,010 crore as against Rs 1,46,786 crore.
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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