India's net direct tax collections grew 22.48 percent to Rs 6.92 lakh crore till August 11 in the current financial year as compared to Rs 5.65 lakh crore in the corresponding period of FY24, the income tax department said on August 12.
The Central Board of Direct Taxes (CBDT) said net direct tax collection of Rs 6.92 lakh crore (as of August 11) includes Corporation Tax (CIT) at Rs 2.2 lakh crore (net of refund), Personal Income Tax (PIT) at Rs 4.47 lakh crore and Securities Transaction Tax (STT) at Rs 21,599 crore (net of refund).
The government has issued direct tax refunds of Rs 1.20 lakh crore till August 11 in 2024-25, which is an increase of 33.49 percent compared to Rs 90,028 crore it issued in the corresponding period in 2023-24.
Healthy tax collection is significant since it helps the government meet its fiscal deficit target for a particular year. The Centre targeted a 4.9 percent fiscal deficit target for FY25 in the July budget.
On a gross basis, before adjusting refunds, the direct tax collection stood at Rs 8.13 lakh crore till August 11 FY25, an 23.99 percent growth over the year-ago period.
Direct taxes, which are levied on the income or profit of a person, are directly paid by an individual to the government without any intermediaries.
Common examples of direct taxes are income tax, property tax, corporate tax, wealth tax, gift tax, security transaction tax, and capital gains tax.
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