Direct Tax Collection Climbs 21% on Strong Advance Tax Receipts

Net direct tax collection surged by 21% to Rs 4.62 lakh crore in the current fiscal, thanks to higher advance tax payments. The June advance tax instalment alone saw a 27.34% increase. Corporation Tax (CIT) and Personal Income Tax (PIT) contributions were significant. Refunds issued also grew by 34%.

In a significant boost to the nation's fiscal health, the net direct tax collection has soared by 21% to Rs 4.62 lakh crore so far this fiscal, driven by an increase in advance tax payments, according to a statement released by the Income Tax Department on Tuesday.

The first instalment of advance tax due on June 15 witnessed a substantial 27.34% rise, amounting to Rs 1.48 lakh crore. Out of this, Corporation Tax (CIT) was Rs 1.14 lakh crore, while Personal Income Tax (PIT) tallied at Rs 34,470 crore.

As of June 17, 2024, the overall direct tax collection, net of refunds, stood at Rs 4,62,664 crore. This figure includes CIT amounting to Rs 1,80,949 crore and PIT (alongside Securities Transaction Tax) at Rs 2,81,013 crore, highlighted the Central Board of Direct Taxes (CBDT).

Moreover, refunds issued up to June 17 in the fiscal year 2024-25 were Rs 53,322 crore, witnessing an impressive 34% increase compared to the same period last year. Gross direct tax collections (before refunds) totaled Rs 5.16 lakh crore for April-June 17, reflecting a 22.19% growth from the previous year's Rs 4.23 lakh crore.

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