Net tax collection stood at ₹3.82 lakh crore in the year-ago period.
The net direct tax collection comprised ₹1.81 lakh crore as corporate income tax and ₹2,81,013 crore as personal income tax, including securities transaction tax.
The growth was backed by buoyant advance tax collection of ₹1.48 lakh crore for 2024-25, up 27.34% from ₹1.16 lakh crore a year ago.
This included advance corporate tax of ₹1.14 lakh crore and advance personal income tax of ₹34,470 crore.
The gross direct tax collection, before adjusting for refunds, for 2024-25 was ₹5.15 lakh crore, up 22.19% from ₹4.22 lakh crore in the corresponding period of the preceding financial year.The income tax department issued refunds totalling ₹53,322 crore in this fiscal, 33.70% higher than in the year-ago period.Among the minor heads, tax deducted at source amounted to ₹3.24 lakh crore, self-assessment tax ₹28,471 crore, regular assessment tax ₹10,920 crore and tax under other minor heads totalled ₹2,985 crore.
The government collected ₹19.58 lakh crore as net direct tax in 2023-24, 17.1% more than in the previous fiscal and exceeding the revised estimates by ₹13,000 crore.
Content Source: economictimes.indiatimes.com