Internet direct tax assortment for FY 2024-25 spiked to ₹5.74 lakh crore until July 11, 2024, witnessing a soar of 19.54 % over the previous fiscal, knowledge launched by the income tax (I-T) division indicated.
The gross collection of direct tax rose to ₹6.45 lakh crore, thus displaying a soar of 23.24 %.
In the meantime, revenue tax refunds stood at ₹70,902 crore, a determine 64.49 % greater than the corresponding determine in fiscal 2024.
The Income Tax (I-T) division launched the most recent figures on its official web site on Friday night.
If one takes a deep dive, one would uncover that out of the web assortment of ₹5.74 lakh crore of direct tax as on July 11, 2024, private revenue tax assortment contributed ₹3.46 lakh crore, whereas company tax contributed ₹2.10 lakh crore (see desk beneath).
Securities transaction tax (STT) receipts, on the similar time, stood at ₹16,634 crore whereas ‘different taxes’ amounted to ₹1,413 crore, the I-T division’s knowledge revealed.
Different taxes (talked about above) embrace equalisation levy, fringe profit tax, wealth tax, banking money transaction tax, lodge receipt tax, curiosity tax, expenditure tax, property obligation and reward tax.
Gross assortment
Equally, out of the gross assortment of ₹6.45 lakh crore until July 11 this yr, private revenue tax contributed ₹3.61 lakh crore and company tax contributed ₹2.65 lakh crore.
In the meantime, the proportion of securities transaction tax (STT) in gross assortment stood at ₹16,634 crore and different taxes stood at ₹1,426 crore.
When seen within the share phrases, gross assortment of company tax noticed a development of 20.44 %, personal income tax (gross) witnessed a development of twenty-two.76 % and private revenue tax (together with STT) noticed a soar of 25.31 %.
Refunds
With regards to refunds amounting to ₹70,902 crore, most refund of ₹55,063 crore was made to company taxpayers, whereas private revenue tax payers obtained refunds amounting to ₹15,826 crore. Different taxes contributed a paltry ₹13 crore in refunds.