Net direct tax collection increased by 22.5% to Rs 6.93 trillion in FY25 between April 1 and August 12 including refunds, in India. According to the recent data provided by the Income-Tax (I-T) Department, tax collection during the same period last year was at Rs 5.65 trillion.
Personal income tax (PIT), the tax surpassed corporate tax. PIT increased to Rs 4.47 trillion (net) from Rs 3.44 trillion during the same time last year. The corporation tax for this financial year was reported to have increased by 5.7% to Rs 2.2 trillion, which is less than the 12 percent growth rate that was planned.
PIT and company tax are examples of direct taxes. Part of PIT, the securities transaction tax, increased to Rs 21,599 crore from Rs 10,234 crore during the same time last year.
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Changes in tax rates and an increase in stock market trading may be to blame for this. The tax department reported that gross collection (before refunds) was Rs 8.13 trillion, up 23.99 per cent from the previous fiscal year.
Up to August 11, the government has reimbursed direct taxes in the amount of Rs 1.20 trillion. This represents a 33.49 percent increase over the Rs 90,028 crore from the FY24 comparable period.
The Centre hopes to increase gross tax income to Rs 38.40 trillion in FY25. Aims for direct tax revenue were set at Rs 22.07 trillion and indirect tax revenue at Rs 16.33 trillion in the budget. In FY24, the government’s net direct tax revenue was Rs 19.58 trillion. That is a 17.1% increase over the prior fiscal year. The amount received was Rs 13,000 crore more than anticipated. Direct tax revenue was Rs 16.64 trillion in FY23 compared to Rs 14.08 trillion in FY22.
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