look news india
New Delhi, 11 October (HIST). Net direct tax collection in the current financial year 2024-25 till October 10 increased by 18.35 percent to Rs 11.25 lakh crore. The direct tax collection during the same period of the previous financial year was Rs 9.51 lakh crore.
The Income Tax Department said in a statement issued on 'X' post on Friday that till October 10, the net direct tax collection has increased by 18.35 percent to Rs 11,25,961 crore. According to the data, this includes personal income tax collection of Rs 5.98 lakh crore and corporate tax collection of Rs 4.94 lakh crore. Securities Transaction Tax (STT) during this period stood at Rs 30,630 crore, while other taxes (including equalization duty and gift tax) collected Rs 2,150 crore.
According to the department, direct tax collection on gross basis increased by 22.30 percent to Rs 13.57 lakh crore. According to the data, refunds worth Rs 2.31 lakh crore were issued between April 1 and October 10, which is an increase of 46 percent. The collection includes PIT (personal income tax) of Rs 7.13 lakh crore and corporate tax of Rs 6.11 lakh crore. It is noteworthy that the Central Government has set a target of raising Rs 22.07 lakh crore from direct taxes in the current financial year 2024-25.