In the current financial year (FY2024-25), till August 11, net direct tax collection increased by 22.48 percent to about Rs 6.93 lakh crore. This collection includes personal income tax collection of Rs 4.47 lakh crore and corporate tax collection of Rs 2.22 lakh crore. This information was given in the government data released on Monday. According to the news of Bhasha, Rs 21,599 crore was collected from Securities Transaction Tax (STT), while other taxes (which include equalization duty and gift tax) earned the government Rs 1,617 crore.
Reason for increase in tax collection
According to the news, according to the statement, refunds of Rs 1.20 lakh crore were issued between April 1 and August 11 this year, which is an increase of 33.49 percent. The statement said that tax collection increased due to a jump in income returns filed for income earned in 2023-24. The last date for filing income returns for individuals and units who do not have to get their accounts audited was July 31. During this period, a record 7.28 crore returns were filed till July 31.
Direct tax collection target
Gross direct tax collection increased by 24 per cent to Rs 8.13 lakh crore. The collection includes personal income tax (PIT) of Rs 4.82 lakh crore and corporate tax of Rs 3.08 lakh crore. The government has set a target of raising Rs 22.07 lakh crore from direct taxes in the current financial year. This is 13 per cent more than the previous financial year.
Personal income tax collection has outpaced corporate tax in the last two years, as income has increased; the government has imposed tax on dividends in the hands of individual taxpayers instead of companies. While presenting the Union Budget for FY25 in July, Finance Minister Nirmala Sitharaman had said the government will continue its efforts to simplify taxes.
