Tax Collection
Govt's Apr 1-Nov 10 net direct tax collection INR 12.106 tln, up 15.4% YoY
This story was originally published at 06:00 IST on 12 November 2024
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--Govt: Apr 1-Nov 10 STT mop-up INR 359.23 bln vs INR 189.09 bln year ago
--Govt: Apr 1-Nov 10 non-corporate tax mop-up INR 6.619 tln vs INR 5.484 tln
--Govt: Apr 1-Nov 10 corporate tax collection INR 5.105 tln vs INR 4.793 tln
--Govt: Apr 1-Nov 10 net direct tax collection INR 12.106 tln, up 15.4%
NEW DELHI – The Centre's direct tax collection, net of refunds, for the Apr. 1 to Nov. 10 period was INR 12.106 trillion, up 15.4% from the previous year, the finance ministry said in a release Monday. Of the total, net corporate tax collections were INR 5.105 trillion and non-corporate tax collections were INR 6.619 trillion.
Corporate tax collections and non-corporate tax collections for the said period grew 6.5% and 20.7% on year, respectively. Non-corporate tax includes taxes paid by individuals, Hindu Undivided Families, firms, association of persons, body of individuals, local authorities, artificial juridical person.
The Union Budget has projected total tax collections for 2024-25 (Apr-Mar) at INR 38.40 trillion, up 10.8% from the previous year. Of the target, it aims to collect INR 22.07 trillion as direct taxes, which include corporate and income tax.
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.
Net securities transaction tax collection for the Apr. 1 to Nov. 10 period was INR 359.23 billion, almost double that of the year-ago collection of INR 189.09 billion. The government aims to collect INR 370 billion from securities transaction tax in FY25. This means the government has already collected 97.0% of its full year's target by Nov. 10.
Tax refunds worth INR 2.915 trillion were issued from Apr. 1 to Nov. 10, sharply up by 53.1% from a year ago, the ministry said. End
Reported by Pratiksha and Priyasmita Dutta
Edited by Ashish Shirke
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