FY-2024-25 Direct tax collections Data Update| net collection| net collection refund | Government has collected ₹11.25 lakh crore direct tax so far: 18% more than last year, refund of ₹2.31 lakh crore also issued

The central government has collected net direct tax of Rs 11.25 lakh crore from April 1 to October 10. In this, corporate tax is Rs 4.94 lakh crore and personal income tax is Rs 5.98 lakh crore.

The Income Tax Department had collected direct tax of Rs 9.51 lakh crore at the same time a year ago (by October 10, 2023). There has been an increase of 18.35% on annual basis.

Refund of Rs 2.31 lakh crore also issued

The Income Tax Department has also issued refunds of Rs 2.31 lakh crore during this period. This is 46% more than the same period last year.

Till October 10 last year, the government had issued refunds worth Rs 1.58 lakh crore.

The government has set a target of raising Rs 22.07 lakh crore through direct taxes for the financial year 2024-25.

Difference between direct and indirect tax?

The tax which is collected directly from the common man is called direct tax. Direct taxes include corporate and personal income tax. Tax imposed on shares or other assets is also called direct tax. The tax which is not taken directly from the general public, but is also collected from the general public, is called indirect tax. This includes excise duty, custom duty, GST.

Earlier there were many types of indirect taxes in the country. But from July 1, 2017, all types of indirect taxes have been included in GST. However, taxes on petroleum products and liquor have currently been kept out of the purview of GST. Tax collection is considered to reflect economic activities in any country. Direct tax collection in India has been good this year.

Read this news also…

Government collected ₹1.73 lakh crore from GST in September: 6.5% increase on annual basis, ₹1.62 lakh crore GST was collected in September 2023

The government has collected Rs 1.73 lakh crore from Goods and Services Tax, i.e. GST, in September 2024. There has been an increase of 6.5% on annual basis. The government had collected Rs 1.62 lakh crore GST in September last year. Last month in August, the government had collected Rs 1.75 lakh crore from GST.

This is the second month of single digit growth in collections and the slowest pace of growth in 39 months. Gross GST collection increased by 7.7% in June. The average GST collection pace has decreased to Rs 1.77 lakh crore monthly in the second quarter as compared to Rs 1.86 lakh crore in the first quarter of FY 2025.

Read the full news here…