Net direct tax collection grows 22 pc to Rs 6.93 lakh cr

Net direct tax collection grew 22.48 per cent to about Rs 6.93 lakh crore as of August 11 this fiscal, driven by personal income tax mop-up, government data showed on Monday.

The mop-up includes personal income tax collection of Rs 4.47 lakh crore and corporate tax collection of Rs 2.22 lakh crore. Securities Transaction Tax (STT) fetched Rs 21,599 crore, while other taxes (which include equalisation levy and gift tax) earned Rs 1,617 crore.

The high tax collections came on the back of a surge in I-T returns filed for income earned in 2023-24. The last date for filing ITRs by individuals and entities, who do not have to get their accounts audited was July 31.

A record 7.28 crore income tax returns (ITRs) were filed by July 31.

Refunds worth Rs 1.20 lakh crore were issued between April 1 to August 11, a growth of 33.49 per cent.

On a gross basis, direct tax collection grew 24 per cent to Rs 8.13 lakh crore. The collection includes PIT (personal income tax) of Rs 4.82 lakh crore and corporate tax of Rs 3.08 lakh crore.

The government has budgeted to collect Rs 22.12 lakh crore in the current fiscal from direct taxes (personal income tax, corporate tax and other taxes), up 13 per cent over the previous fiscal.