Tax Collections
India Apr 1-Oct 10 net direct tax mop-up INR 11.26 tln, up 18.4% YoY
This story was originally published at 19:25 IST on 11 October 2024
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--Govt: Apr 1-Oct 10 net STT mop-up INR 306 bln vs INR 164 bln
--Govt: Apr 1-Oct 10 net corporate tax mop-up INR 4.947 tln vs INR 4.447 tln
--Govt:Apr 1-Oct 10 net income tax collection INR 5.985 tln vs INR 4.883 tln
--Govt: Apr 1-Oct 10 net direct tax collection at INR 11.260 trln, up 18.4%
NEW DELHI – The government's direct tax collection, net of refunds, for the Apr. 1-Oct. 10 period was INR 11.260 trillion, up 18.4% from the year-ago period, the finance ministry said in a release today.
The Union Budget for 2024-25 (Apr-Mar) projected total tax collections for the financial year at INR 38.40 trillion, up 10.8% from the previous year. Of the target, the government aims to collect INR 22.07 trillion as direct taxes, which include corporate and income tax.
Of the total INR 11.260 trillion, net corporate tax collections were INR 4.947 trillion and personal income tax collections were INR 5.985 trillion. The government aims to collect INR 10.20 trillion from corporate tax in FY25, and its personal income tax target is INR 11.87 trillion for the current financial year. Net securities transaction tax collections for the Apr. 1-Oct. 10 period were INR 306 billion, a little short of double the year-ago collection of INR 164 billion. The government aims to collect INR 370 billion from securities transactions tax in FY25. This means the government has already collected 83% of its full year's target by Oct. 10.
Tax refunds worth INR 2.312 trillion were issued from Apr. 1 to Oct. 10, sharply up by 46% from a year ago, the ministry said. End
Reported by Priyasmita Dutta
Edited by Manisha Baxla
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