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Informist, Wednesday, Dec. 18, 2024

 

--Govt: Apr 1-Dec 17 gross direct tax collection INR 19.22 tln, up 20.3% 

--Govt: Apr 1-Dec 17 net direct tax collection INR 15.83 tln, up 16.5% 

--Govt: Apr 1-Dec 17 direct tax refunds INR 3.39 tln, up 42.5% 

--Govt: Apr 1-Dec 17 net corporate tax collection INR 7.43 tln, up 8.6% 

--Govt: Apr 1-Dec 17 STT collection INR 401 bln, up 85.5%

 

NEW DELHI – The Centre's direct tax collection, net of refunds, for the period from Apr. 1 to Dec. 17 was INR 15.826 trillion, up 16.5% from the year-ago period, the finance ministry said in a release Wednesday. Of the total, net corporate tax collections were INR 7.426 trillion and non-corporate tax collections were INR 7.971 trillion.

 

Corporate tax collections and non-corporate tax collections for the period grew 8.6% and 22.5% on year, respectively. Non-corporate tax includes taxes paid by individuals, Hindu Undivided Families, firms, associations of persons, bodies of individuals, local authorities, and artificial juridical persons.

 

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 target for personal income tax is INR 11.87 trillion. 

 

Net securities transaction tax collections from Apr. 1 to Dec. 17 tood at INR 401.14 billion, surpassing the INR 370-billion target for the year. The collection so far is a little short of double the year-ago collection of INR 216.28 billion for the same period. 

 

Tax refunds worth INR 3.389 trillion were issued from Apr. 1 to Dec. 17, sharply up by 42.5% from a year ago, the ministry said.

 

Advance tax collections, an indicator of corporate profitability and individual incomes, during Apr 1 to Dec. 17, rose 20.9% on year. Advance tax is paid in four instalments -- the middle of June, September, December and March.  End

 

Reported by Priyasmita Dutta 

Edited by Avishek Dutta

 

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