Direct tax collection saw a bumper increase of 18.3%, IT department issued refund of lakhs of crores of rupees

Good news came for the central government today. In the current financial year 2024-25, till October 10, there has been a strong increase of 18.3 percent in net direct tax collection, after which it has reached Rs 11.25 lakh crore. According to the government data released on Friday, from April 1, 2024, to October 10, 2024, the government has collected a net direct tax of Rs 11.25 lakh crore.

Personal income tax of Rs 5.98 lakh crore included

According to the data released by the government, this collection of Rs 11.25 lakh crore includes personal income tax collection of Rs 5.98 lakh crore and corporate tax collection of Rs 4.94 lakh crore. During this period, securities transaction tax (STT) was Rs 30,630 crore, while other taxes (including equalization fee and gift tax) collected Rs 2,150 crore.

Last year, direct tax collection was Rs 9.51 lakh crore

The Income Tax Department of the Central Government collected a total direct tax of Rs 9.51 lakh crore during the same period a year ago i.e. from April 1, 2023, to October 10, 2023. The data showed that a refund of Rs 2.31 lakh crore has also been issued between April 1 and October 10, which is 46 percent more than the same period last year. 

Direct tax collection increased by 22.3 percent on a gross basis.

During this period, the government’s direct tax collection on a gross basis increased by 22.3 percent to Rs 13.57 lakh crore. This collection includes PIT (personal income tax) of Rs 7.13 lakh crore and corporate tax of Rs 6.11 lakh crore. Let us tell you that the government has set a target of collecting Rs 22.07 lakh crore from direct tax in the current financial year.