Net Direct Tax Collection Grows 18% to Rs 11.25 Trillion: Govt Data

By: Admin
October 11, 2024
Categories: TAX News
4 Min Read

According to government data released on Friday, net direct tax collection rose by 18.3% to approximately Rs 11.25 trillion as of October 10, 2024. This growth reflects an increase from the Rs 9.51 trillion collected during the same period last year.

The breakdown of the collection includes:

Personal income tax (PIT): Rs 5.98 trillion

Corporate tax: Rs 4.94 lakh crore

Securities Transaction Tax (STT): Rs 30,630 crore

Other taxes (such as equalisation levy and gift tax): Rs 2,150 crore

The gross direct tax collection surged by 22.3% to Rs 13.57 lakh crore, comprising Rs 7.13 trillion in PIT and Rs 6.11 lakh crore in corporate tax. Refunds amounting to Rs 2.31 trillion were issued between April 1 and October 10, showing a 46% increase.

The government has set a target to collect Rs 22.07 trillion in direct taxes for the current fiscal year.

TaxNews #DirectTaxes #IncomeTax #CorporateTax

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