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Tuesday, November 5, 2024
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Net Direct Tax Collection Hits New Heights, Says Government

Net direct tax collection grew 22.48 per cent to about ₹ 6.93 lakh crore as of August 11 this fiscal, government data showed on Monday.

The mop-up includes personal income tax collection of ₹ 4.47 lakh crore and corporate tax collection of ₹ 2.22 lakh crore. Securities Transaction Tax (STT) mopped up ₹ 21,599 crore, while other taxes (which include equalisation levy and gift tax) earned ₹ 1,617 crore.

Refunds worth ₹ 1.20 lakh crore were issued between April 1 to August 11, a growth of 33.49 per cent.

On a gross basis, direct tax collection grew 24 per cent to ₹ 8.13 lakh crore. The collection includes PIT (personal income tax) of ₹ 4.82 lakh crore and corporate tax of ₹ 3.08 lakh crore.

The government has budgeted to collect ₹ 22.07 lakh crore in the current fiscal from direct taxes.

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