look news india
New Delhi, June 18 (HS). There is good news on the economic front. The government's treasury is filled with tax collection. The country's net direct tax collection has jumped 21 percent year-on-year to more than Rs 4.62 lakh crore between April 1 and June 17, 2024 in the current financial year 2024-25. At the same time, gross tax collection increased by 22.19 percent year-on-year to Rs 5.16 lakh crore.
The Finance Ministry said in a statement issued on Tuesday that the gross direct tax collection for the current financial year 2024-25 stood at Rs 5.16 lakh crore, an increase of 22.19 per cent on an annual basis. At the same time, net direct tax collection in the current financial year between April 1 and June 17, 2024 has jumped 21 per cent on an annual basis to more than Rs 4.62 lakh crore. According to the ministry, advance tax collection for the financial year 2024-25 has increased by 27.34 per cent to Rs 1,48,823 crore.
The ministry said that the increase in advance tax collection has contributed significantly to the net direct tax collection so far in the current financial year. The first installment of advance tax was due on June 15. This collection has increased by 27.34 per cent to Rs 1.48 lakh crore. This includes corporate tax (CIT) of Rs 1.14 lakh crore and personal income tax (PIT) of Rs 34,470 crore. The Finance Ministry said that a total refund of Rs 53,322 crore has been issued in the current financial year 2024-25.
The ministry said that according to the Central Board of Direct Taxes (CBDT), in the financial year 2024-25, from April 1 to June 17, 2024, net direct tax collection has been Rs 4,62,664 crore. This includes CIT of Rs 1,80,949 crore and PIT (including securities transaction tax) of Rs 2,81,013 crore. According to the CBDT, a refund of Rs 53,322 crore has also been issued till June 17 in the current financial year 2024-25, which is 34 per cent more than the refund issued during the same period of the previous financial year.
