Direct tax collections are off to a brisk begin within the first quarter of this 12 months, with internet taxes rising 21% to nearly ₹4.63 lakh crore by June 17, from ₹3.82 lakh crore over the identical interval a 12 months in the past, the Finance Ministry stated on Tuesday.
Personal Income Tax (PIT) and Securities Transaction Tax (STT) inflows continued to dominate the tax pie, contributing 60.7% of direct taxes, whereas company taxes (CIT) yielded 39.1%.
In FY24, internet direct tax collections rose 17.7% to hit ₹19.58 lakh crore, with PIT’s share rising to 53.3% from 50.06% within the earlier 12 months whereas CIT’s contribution dipped to 46.5% from 49.6%.
“The Net Direct Tax collection of ₹4,62,664 crore (as on 17.06.2024) includes Corporation Tax (CIT) at ₹1,80,949 crore (net of refund) and Personal Income Tax (PIT), including STT, at ₹2,81,013 crore (net of refund),” the ministry stated.
Advance tax collections for this 12 months stood at ₹1,48,823 crore, reflecting a progress of 27.34%, with ₹1,14,353 crore paid as CIT, whereas PIT receipts had been ₹34,470 crore.
Prior to refunds, the gross direct tax collections had risen 22.2% to about ₹5.16 lakh crore by June 17, in contrast with ₹4.22 lakh crore on the identical time final 12 months. Gross CIT collections had been ₹2.26 lakh crore and PIT, STT receipts stood at ₹2,88,993 crore. Among minor heads for tax receipts, Tax Deducted at Source (TDS) yielded ₹3,24,787 crore, Self-Assessment Tax introduced in ₹28,471 crore, whereas Regular Assessment Tax delivered ₹10,920 crore to the exchequer.
“Refunds amounting to ₹53,322 crore have also been issued in 2024-25 till 17.06.2024, which are 33.7% higher than refunds issued during the same period in the preceding year,” the ministry assertion stated.
Source: www.thehindu.com
