The first installment of advance tax, which was due on June 15, saw accumulation inflation 27.34% to Rs 1.48 lakh crore. This includes Corporation Income Tax (CIT) of Rs 1.14 lakh crore and Personal Income Tax of Rs 34,470 crore.
Net direct tax collections have jumped by 21 percent to over Rs 4.62 lakh crore so far this financial year due to higher advance tax payments by corporates.
The first installment of advance tax, which was due on June 15, saw collections inflation 27.34% to Rs 1.48 lakh crore. This includes Corporation Income Tax (CIT) of Rs 1.14 lakh crore and Personal Income Tax (PIT) of Rs 34,470 crore.
According to the CBDT (Central Board of Direct Taxes), the net direct tax collections of Rs 4,62,664 crore (till June 17, 2024) include CIT of Rs 1,80,949 crore and PIT (including securities transaction tax) of Rs 2,81,013 crore) said in a statement on Tuesday.
Refunds worth Rs 53,322 crore have also been issued till June 17 in the financial year 2024-25, which is 34 percent more than the refunds issued during the same period last year.
For April-June 17, gross collections of direct taxes (before adjustment for refunds) stood at Rs 5.16 lakh crore compared to Rs 4.23 lakh crore in the corresponding period last fiscal, showing a growth of 22.19 percent.
The direct tax collection in the interim budget for the entire financial year has been estimated at Rs 21.99 lakh crore.
Rohinton Sidhwa, partner, Deloitte India, said that economic growth in the Indian economy is being verified in the form of increase in advance tax collections.
Sidhwa said that “Both direct and indirect taxes are showing growth and this is also a sign of the economy becoming more formal and better compliance,”.