New Delhi, 21 June (IANS). According to the latest data released by the Income Tax Department, gross direct tax collection (corporate tax, non-corporate tax, securities transactions and other fees) in the current financial year have increased by 4.86 percent to Rs 5.45 lakh crore.
However, a slight decline in the net collection was observed due to the increase in refund. The net direct tax collection saw a slight decline of 1.39 percent from Rs 4,65,275 crore in the previous year and it was Rs 4,58,822 crore.
According to official data, the government has released a direct tax refund of Rs 86,385 crore till June 19, which is an increase of 58.04 percent as compared to the same period of 2024-25.
According to the Central Board of Direct Taxes (CBDT), the net direct tax collection includes corporate tax of Rs 1.72 lakh crore (pure after refund), non-corporate tax of Rs 2.72 lakh crore and securities transactions of Rs 13,013 crore (pure after refund).
The advance tax in non-corporate tax collections declined by 2.68 percent, while corporate tax increased by 5.68 percent. Total advance tax receipts increased by 3.87 percent to Rs 1,55,533 crore.
The direct tax imposed on the income or profit of a person is paid directly to the government by the person.
The Income Tax Department has recently introduced ‘e-pay tax’ facility, which aims to simplify tax-related processes for taxpayers. The Union Budget has proposed extensive changes to make the Income Tax Act, 1961 more transparent.
Meanwhile, India’s gross Goods and Services Tax (GST) collection for May 2025 reached Rs 2.01 lakh crore, which shows an increase of 16.4 percent as compared to Rs 1.72 lakh crore collected in May 2024.
This is the second consecutive month when GST revenue has been above a figure of Rs 2 lakh crore, indicating healthy economic activity and stable consumption growth.
According to the Finance Ministry data, the GST collection touched an all -time high level of Rs 2.37 lakh crore in April, which was 13 percent increase from March.
-IANS
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