Direct tax mop-up rises 20% to Rs 5.74 lakh crore on higher corporate advance tax

Net direct tax collection grew 19.54 per cent to over Rs 5.74 lakh crore so far this fiscal on higher advance tax payment by corporates.

The first instalment of advance tax, which was due on June 15, rose 27.34 per cent to Rs 1.48 lakh crore. This includes Corporation Income Tax (CIT) at Rs 1.14 lakh crore and Personal Income Tax (PIT) at Rs 34,470 crore.

The net direct tax collection of Rs 5,74,357 crore (as of July 11, 2024) includes CIT at Rs 2,10,274 crore and PIT at Rs 3,46,036 crore, as per data released by Central Board of Direct Taxes (CBDT) on Saturday.

Securities Transaction Tax (STT) contributed Rs 16,634 crore to the direct tax collection, it said.

During the same period last year, net direct tax collection was Rs 4,80,458 crore.

Refunds amounting to Rs 70,902 crore have also been issued in FY25 till July 11, which is 64.4 per cent higher than refunds issued during the same period in the previous year.

For April-July 11, gross collection of direct taxes (before adjusting for refunds) stood at Rs 6.45 lakh crore compared to Rs 5.23 lakh crore in the year-ago period, showing a growth of 23.24 per cent.

For full fiscal year, the interim budget has pegged direct tax collection at Rs 21.99 lakh crore.