Informist, Wednesday, Sep 18, 2024

--India Apr 1-Sep 17 direct tax mopup 9.958 trln rupees, up 16.1% YoY

--India Apr 1-Sep 17 income tax mopup 5.152 trln rupees vs 4.332 trln

--India Apr 1-Sep 17 corp tax mopup 4.526 trln rupees vs 4.094 trln

--India Apr 1-Sep 17 STT mop-up 262 bln rupees vs 134 bln year ago

NEW DELHI – The government's direct tax collection, net of refunds, for the Apr 1-Sep 17 period was 9.958 trln rupees, up 16.1% 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 38.40 trln rupees, up 10.8% from the previous year. Of the target, the government aims to collect 22.07 trln rupees as direct taxes, which include corporate and income tax.

Of the total 9.958 trln rupees, net corporate tax collections were 4.526 trln rupees and personal income tax collections were 5.152 trln rupees. The government aims to collect 10.20 trln rupees from corporate tax in 2024-25, and its personal income tax target is 11.87 trln rupees for the current financial year. Net securities transaction tax collections for the Apr 1-Sep 17 period were 262 bln rupees, almost double of the year ago collection of 134 bln rupees. The government aims to collect 370 bln rupees from securities transactions tax in 2024-25.

Tax refunds worth 2.053 trln rupees were issued from Apr 1 to Sep 17, sharply up by 56.5% from a year ago, the ministry said.

Total advance tax collections this financial year till Sep 17 were 4.361 trln rupees, up 22.6% from a year ago. These advance tax collections include 3.317 trln rupees of corporation tax and 1.043 trln rupees of personal income tax. End

Reported by Priyasmita Dutta

Edited by Ashish Shirke

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