Nirmalaji collects Rs 11.3 trillion in taxes

October 12, 2024 09:53

Harsh Kumar/Business Standard

India's net direct tax collection this financial year, after adjusting for refunds, grew 18.35 per cent to Rs 11.3 trillion between April 1 and October 10.

In the same period last year, collection was at Rs 9.51 trillion, according to the I-T departments latest data released on Friday.

Of the tax mopup, personal income tax (PIT) outpaced corporation tax.

PIT stood at Rs 5.98 trillion (net) as against Rs 4.88 trillion in the same period a year ago. Corporation tax (net) reported at Rs 4.95 trillion, an increase of 11.2 per cent, which is slightly lower than the growth rate of 12 per cent set for this financial year.

Direct taxes comprise PIT and corporation tax.

Securities transaction tax, part of PIT, jumped to Rs 30,630 crore (Rs 306.30 billion) from Rs 16,373 crore (Rs 163.73 billion) in the same period a year ago. This could be attributed to changes in tax rates and increase in stock-market trading.

Gross direct tax collection (before refunds) stood at Rs 13.57 trillion, marking a 22.30 per cent rise from the previous financial year, according to the department.

The government issued direct-tax refunds of Rs 2.31 trillion till October 11. That is an increase of 46.03 per cent over the Rs 1.6 trillion in the corresponding period in FY24.

The Centre aims to raise gross tax revenue of Rs 38.40 trillion in FY25, according to the Budget.

The Budget set a target of Rs 22.07 trillion from direct taxes and Rs 16.33 trillion from indirect taxes.

The government collected Rs 19.58 trillion as net direct tax in FY24, 17.1 per cent higher than that in the preceding financial year.

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