Net Direct Tax inflows increase by 16.1%
- 19 Sep 2024
In News:
- Advance tax payments from corporates and personal taxpayers have risen by 22.6%, surpassing ?4.36 lakh crore. This increase is driven by a 39.2% rise in Personal Income Tax (PIT) receipts and an 18.2% uptick in corporate taxes.
Key Details:
- Overall net direct tax receipts have reached approximately ?9.96 lakh crore, reflecting a 16.1% increase, though this marks a slowdown from the 22.5% growth recorded as of August 11.
- As of September 17, corporate tax collections grew by 10.5%, while inflows from PIT increased by 18.9%.
- Securities Transaction Tax collections nearly doubled to ?26,154 crore, and refunds surged by 56.5% to ?2.05 lakh crore, according to data from the Income Tax Department.
- Personal taxes continue to outpace corporate taxes, contributing 51.7% of net direct tax receipts for the year.
- Gross tax collections, before accounting for refunds, have risen by 21.5%, totaling ?12.01 lakh crore.