New Delhi: Net direct tax collection in India grew 16.45 per cent year-on-year to Rs 15,82,584 crore so far in the current financial year 2024-25. As per data from the income tax department, advance tax collection during the period rose 21 per cent to Rs 7.56 lakh crore.
On a gross basis, India’s direct tax collections in the current financial year till December 17, 2024, stood at Rs 19,21,508 crore. This is a 20.32 per cent jump as compared to the corresponding period last year. These include corporate tax, non-corporate tax, securities transaction tax, and other taxes like fringe benefit tax, wealth tax, banking cash transaction tax, hotel receipt tax, interest tax, expenditure tax, estate duty and gift tax.
The collection includes corporate tax of over Rs 7.42 lakh crore and non-corporate tax mop-up of Rs 7.97 lakh crore. Securities Transaction Tax (STT) of Rs 40,114 crore was collected between April 1-December 17 of current fiscal year.
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Refunds worth Rs 3.39 lakh crore were issued during the period, registering a growth of 42.49 per cent year-on-year. 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.