look news india
New Delhi, August 12 (HS). There is good news on the economic front. The government's treasury has been filled due to better tax collection. In the current financial year 2024-25, till August 11, 2024, net direct tax collection has increased by 22.48 percent to about Rs 6.93 lakh crore. This information has been given by the Income Tax Department.
The Income Tax Department said in the data released on Xpost on Monday that in the current financial year 2024-25, till August 11, 2024, net direct tax collection has been Rs 6,92,987 crore with a jump of 22.48 per cent. According to the department, this collection includes personal income tax collection of Rs 4.47 lakh crore and corporate tax collection of Rs 2.22 lakh crore. At the same time, Rs 21,599 crore was collected from Securities Transaction Tax (STT), while other taxes (which include equalization duty and gift tax) earned Rs 1,617 crore.
The department said that refunds of Rs 1.20 lakh crore have been issued this year between April 1 and August 11, 2024, which is an increase of 33.49 percent. Thus, gross direct tax collection increased by 24 percent to Rs 8.13 lakh crore. This tax collection includes personal income tax (PIT) of Rs 4.82 lakh crore and corporate tax of Rs 3.08 lakh crore. It is worth noting 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.
