Direct tax collection soars, gross collections surge by 21% to reach at Rs 12.01 lakh crore
Sep 19, 2024
New Delhi [India], September 19 : India's direct tax net collection for the financial year 2024-25 has seen a significant surge, with an increase of 21.48 per cent as of 17 September this year, the data from the Central Board of Direct Taxes (CBDT) shows.
The gross collection of direct tax stood at Rs 12.01 lakh crore for the period April to September. This is an increase from the previous year's Rs 9.88 lakh crore, the data shows.
The net collection has seen an uptick of 16.12 per cent at Rs 9,95,766 crore, as against Rs 8, 57, 528 cr on 17 September 2023.
The data indicates that the key contributor in the collections is a major uptick in the Securities Transaction Tax (STT), which doubled to Rs 26,154 crore from Rs 13,352 crore in 2023 during this period.
The collections STT indicates the increased investor exposure in the equity markets.
The data indicates that tax collections from the corporate tax also increased significantly by 18.26 per cent. The corporate tax collection stood at Rs 5.58 lakh crore, as compared to Rs 4.72 lakh crore collected from April 1 to September 17, 2023.
As per the data, personal income tax collections rose to Rs 6.14 lakh crore from Rs 5 lakh crore. This is an increase of 22.8 per cent from the previous year.
On the other hand, advance tax collections, which is a significant factor for fiscal planning of the government, recorded a 22.61 per cent uptick.
The total tax collections in the advance tax category soared to Rs 4.36 lakh crore from April 1 to September 17, 2024. In the same period last year, it stood at Rs 3.55 lakh crore.
The corporate tax in the advance tax category increased by 18.17 per cent. The corporate tax in the advance tax category reached at Rs 3.31 lakh crore. While the personal advance tax collections are up by 37.22 per cent at Rs 1.04 lakh crore.
