Government received personal income tax of Rs 5.98 lakh crore
A good news came today for the Central Government. In the current financial year 2024-25, till October 10, a strong increase of 18.3 percent has been recorded in the net direct tax collection, after which it became Rs 11.25 lakh crore. According to government data released on Friday, from April 1, 2024 to October 10, 2024, the government made a net direct tax collection of Rs 11.25 lakh crore.
Personal income tax of Rs 5.98 lakh crore included
According to the data released by the government, this collection of Rs 11.25 lakh crore includes personal income tax collection of Rs 5.98 lakh crore and corporate tax collection of Rs 4.94 lakh crore. During this period, Securities Transaction Tax (STT) stood at Rs 30,630 crore, while collection from other taxes (including equalization fee and gift tax) was Rs 2,150 crore.
Last year, direct tax collection was Rs 9.51 lakh crore.
The Income Tax Department of the Central Government had collected a total direct tax of Rs 9.51 lakh crore during the same period a year ago, i.e. from April 1, 2023 to October 10, 2023. The data showed that refunds worth Rs 2.31 lakh crore have also been issued between April 1 and October 10, which is 46 percent more than the same period last year.
22.3 percent increase in direct tax collection on gross basis
During this period, the government’s direct tax collection on gross basis increased by 22.3 percent to Rs 13.57 lakh crore. This collection includes PIT (Personal Income Tax) of Rs 7.13 lakh crore and corporate tax of Rs 6.11 lakh crore. Let us tell you that the government has set a target of raising Rs 22.07 lakh crore from direct tax in the current financial year.
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