Team Blitz India
NEW DELHI: The Ministry of Finance has announced a robust growth in India’s direct tax collections for the financial year 2024-25, with net collections increasing by 20.99 per cent and gross collections growing by 22.19 per cent.
For April-June 17, gross collection of direct taxes (before adjusting for refunds) stood at Rs 5.16 lakh crore compared to Rs 4.23 lakh crore in the corresponding period of the preceding financial year, showing a growth of 22.19%. The gross collection includes Rs 2,26,280 crore from CIT and Rs 2,88,993 crore from PIT collections.
Advance Tax collections have shown remarkable growth, reaching Rs 1,48,823 crore, a 27.34% increase from the Rs 1,16,875 crore collected during the same period in the previous financial year. This includes Rs 1,14,353 crore from CIT and Rs 34,470 crore from PIT.Minor head-wise collections reveal diverse contributions: Rs 1,48,823 crore from Advance Tax, Rs 3,24,787 crore from Tax Deducted at Source (TDS), Rs 28,471 crore from Self-Assessment Tax, Rs 10,920 crore from Regular Assessment Tax, and Rs 2,985 crore from other minor heads.
Refunds issued up to June 17, 2024, totalled Rs 53,322 crore, representing a 33.70% increase compared to the previous year.
