July 13th 2024.
The capital city of India, New Delhi, witnessed a significant increase in net direct tax collection for the current fiscal year. As reported by the Central Board of Direct Taxes on Saturday, the collection has seen a growth of 19.54%, reaching a total of Rs 5.74 lakh crore. This boost can be attributed to the higher advance tax payments made by corporate entities.
The first instalment of advance tax, which was due on June 15, saw a remarkable increase of 27.34%, amounting to Rs 1.48 lakh crore. This includes a Corporation Income Tax of Rs 1.14 lakh crore and a Personal Income Tax of Rs 34,470 crore. The net direct tax collection of Rs 5,74,357 crore also includes a CIT of Rs 2,10,274 crore and a PIT of Rs 3,46,036 crore.
The data released by the Central Board of Direct Taxes further reveals that the Securities Transaction Tax has contributed Rs 16,634 crore to the overall direct tax collection. In comparison, the net direct tax collection for the same period last year was Rs 4,80,458 crore, indicating a considerable growth.
Moreover, the board has also issued refunds amounting to Rs 70,902 crore in the current fiscal year, till July 11. This marks a significant increase of 64.4% in comparison to the refunds issued during the same period last year. Moving on to the gross collection of direct taxes for the period of April-July 11, it stood at Rs 6.45 lakh crore, showing a growth of 23.24% from the previous year's collection of Rs 5.23 lakh crore.
Looking at the bigger picture, the interim budget has projected a direct tax collection of Rs 21.99 lakh crore for the full fiscal year. With the current growth rate, this target seems achievable and will contribute towards the country's economic growth. This positive trend in direct tax collection is a promising sign for the future and reflects the overall progress of the Indian economy.
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