Govt's Apr 1-Jan 12 net direct tax collection INR 16.90 tln, up 15.9% on yr
This story was originally published at 19:29 IST on 13 January 2025
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--Govt: Apr 1-Jan 12 gross direct tax collection INR 20.64 tln, up 19.9%
--Govt: Apr 1-Jan 12 net direct tax collection INR 16.90 tln, up 15.9%
--Govt: Apr 1-Jan 12 net corporate tax collection INR 7.68 tln, up 8.1%
--Govt: Apr 1-Jan 12 STT collection INR 445.38 bln, up 75.2%
NEW DELHI – The Centre's direct tax collection, net of refunds, for the period from Apr. 1 to Jan. 12 was INR 16.899 trillion, up 15.9% from the year-ago period, the finance ministry said in a release Monday. Of the total, net corporate tax collections were INR 7.681 trillion and non-corporate tax collections were INR 8.744 trillion.
Corporate tax collections and non-corporate tax collections for the period grew 8.1% and 21.6% 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 gross direct collections for the period in focus is INR 20.644 trillion, up 19.9% on year.
The Union Budget has projected total tax collections for the financial year 2024-25 (Apr-Mar) at INR 38.40 trillion, up 10.8% from FY24. Of the target, it aims to collect INR 22.07 trillion as direct taxes, which include corporation tax and income tax. The government aims to collect INR 10.20 trillion as corporation tax in FY25, and its target for personal income tax is INR 11.87 trillion.
Net securities transaction tax collections from Apr. 1 to Jan. 12 stood at INR 445.38 billion, 75.2% higher than the INR 254.15 billion collected in the corresponding period a year ago.
Tax refunds worth INR 3.744 trillion were issued from Apr. 1 to Jan. 12, sharply up by 42.5% from a year ago, the ministry said. End
Reported by Priyasmita Dutta
Edited by Rajeev Pai
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