Government treasury filled before the budget, net direct tax collection increased by 19.54 percent to cross Rs 5.74 lakh crore

Tax Collection: So far in the current financial year, the net direct tax collection i.e. direct collection of taxes has increased by 19 percent and crossed Rs 5.74 lakh crore. Such a big jump in direct collection has come due to the payment of advance tax by corporate companies.

The first instalment of advance tax has risen by 27.34 per cent to Rs 1.48 lakh crore till June 15. This includes corporate income tax (CIT) of Rs 1.14 lakh crore and personal income tax of Rs 34,470 crore.

According to information released by the Central Board of Direct Taxes (CBDT), the net direct tax collection of Rs 5,74,357 crore till July 11, 2024 includes CIT of Rs 2,10,274 crore and PIT of Rs 3,46,036 crore. While Securities Transaction Tax (STT) has contributed Rs 16,634 crore to direct tax collection.