look news india
There is a good news for the central government. In the current financial year 2024-25, the net direct tax collection has increased by a strong 18.3 percent to Rs 11.25 lakh crore till October 10. According to the released government data, from April 1, 2024 to October 10, 2024, the government has collected net direct taxes of Rs 11.25 lakh crore.
5.98 lakh crore personal income tax included
According to the data released by the government, this collection of Rs 11.25 lakh crore includes personal income tax collection of Rs 5.98 lakh crore and corporate tax collection of Rs 4.94 lakh crore. During this period, Securities Transaction Tax (STT) stood at Rs 30,630 crore, while collections from other taxes (including equalization duty and gift tax) stood at Rs 2,150 crore.
Last year direct tax collection was Rs 9.51 lakh crore
During the same period a year ago, the Income Tax Department of the Central Government had collected a total direct tax of Rs 9.51 lakh crore from April 1, 2023 to October 10, 2023. Data shows that between April 1 and October 10, refunds worth Rs 2.31 lakh crore have also been declared, which is 46 percent more than the same period last year.
22.3 percent increase in direct tax collections on total basis
During this period, the government's direct tax collection on gross basis has increased by 22.3 percent to Rs 13.57 lakh crore. This collection includes PIT (Personal Income Tax) of Rs 7.13 lakh crore and corporate tax of Rs 6.11 lakh crore. Let us tell you that the government has set a target of raising Rs 22.07 lakh crore from direct taxes in the current financial year.
