Personal revenue tax receipts constituted 60.2% of the online collections, whereas company taxes yielded 36.6% of web revenues. File
| Photo Credit: Reuters
Growth in India’s web direct tax collections slowed barely to 19.54% by July 11, relative to a 21% rise recorded by June 17, with revenues hitting ₹5.74 lakh crore, the Income Tax division stated on Friday.
Personal revenue tax (PIT) receipts constituted 60.2% of the online collections at ₹3.46 lakh crore, rising 21.4% year-on-year, whereas company taxes yielded 36.6% of web revenues at ₹2.1 lakh crore, reflecting a 12.5% development.
With inventory market buying and selling volumes rising, receipts from the Securities Transaction Tax (STT) soared to ₹16,634 crore, 2.3 occasions the receipts on the identical time final yr. Combined with STT receipts, web PIT collections have been up 24.1%, virtually twice the expansion recorded in web company taxes.
Corporates get 78% of refunds
By July 11, the Income Tax division had issued ₹70,902 crore as refunds to taxpayers, 62.5% increased than a yr in the past. Corporate taxpayers obtained 77.7% of those refunds, whereas private tax payers bought about ₹15,826 crore again.
Prior to refunds, gross tax collections stood at slightly over ₹6.45 lakh crore, marking a 23.2% development. Of this, company tax receipts have been up 20.4% whereas PIT and STT revenues have been up 25.3%.
In 2023-24, web direct tax revenues had risen 17.7% to ₹19.58 lakh crore, with PIT’s share rising to 53.3% from 50.06% within the earlier yr.
Source: www.thehindu.com
