Pure corporate collection (provisional) stood at Rs 9,86,719 crore during the financial year 2024-25.
Provisional Net Direct Tax Collection (provisional net direct tax collection) for FY 2024-25 has completed its target. This direct tax collection has increased 13. 57 percent to 22. 26 lakh crore rupees. According to the news of PTI, the Income Tax Department has released the highest amount of refund in this collection. This revealed this from official data on Friday.
22,07,000 crore target
According to the news, according to the budget of July 2024, the government had set a target of Rs 22,07,000 crore for direct tax administration and revised it to Rs 22,37,000 crore during the budget presented in this February. Direct tax includes the revenue deposited by the Central Government under Corporate Tax, Securities Transaction Tax (STT) and non-corporate tax category (first individual income tax).
Data for FY 2024-25
Non-corporate tax category includes tax paid by individuals, firms, Hindu undivided families (HUF), local authorities, artificial judicial persons, etc. According to official data, provisional tax collection was Rs 27.02 lakh crore for provisional gross (before the refund) for FY 2024-25 ended March 31, which is 15.59 percent increase in compared to gross collection of Rs 23.37 lakh crore during the 2023-24 financial year.
Pure corporate tax collection
According to the data, the net corporate collection (provisional) during the last financial year 2024-25 stood at Rs 9,86,719 crore, as compared to the previous year by 8. 30 percent. The gross tax collection figures for the same item (corporate tax) were Rs 12,72,516 crore (2024-25), which is 12. 41 percent compared to the previous year.
Talking about non-corporate tax, the net provisional collection during 2024-25 stood at Rs 11,82,875 crore, which is 17 percent increase compared to the previous year. The tax bounce factor, which is a direct tax rate for the increase of GDP (GDP), was recorded at 1.57 during the 2024–25 financial year, while it was 1. 54 during the comparative period of 2023–24.
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