Direct tax collections are off to a brisk start in the first quarter of this year, with net taxes rising 21% to almost ₹4.63 lakh crore by June 17, from ₹3.82 lakh crore over the same period a year ago, the Finance Ministry said on Tuesday.
Personal Income Tax (PIT) and Securities Transaction Tax (STT) inflows continued to dominate the tax pie, contributing 60.7% of direct taxes, while corporate taxes (CIT) yielded 39.1%.
In FY24, net direct tax collections rose 17.7% to hit ₹19.58 lakh crore, with PIT’s share rising to 53.3% from 50.06% in the previous year while CIT’s contribution dipped to 46.5% from 49.6%.
“The Net Direct Tax collection of ₹4,62,664 crore (as on 17.06.2024) includes Corporation Tax (CIT) at ₹1,80,949 crore (net of refund) and Personal Income Tax (PIT), including STT, at ₹2,81,013 crore (net of refund),” the ministry said.
Advance tax collections for this year stood at ₹1,48,823 crore, reflecting a growth of 27.34%, with ₹1,14,353 crore paid as CIT, while PIT receipts were ₹34,470 crore.
Prior to refunds, the gross direct tax collections had risen 22.2% to about ₹5.16 lakh crore by June 17, compared with ₹4.22 lakh crore at the same time last year. Gross CIT collections were ₹2.26 lakh crore and PIT, STT receipts stood at ₹2,88,993 crore. Among minor heads for tax receipts, Tax Deducted at Source (TDS) yielded ₹3,24,787 crore, Self-Assessment Tax brought in ₹28,471 crore, while Regular Assessment Tax delivered ₹10,920 crore to the exchequer.
“Refunds amounting to ₹53,322 crore have also been issued in 2024-25 till 17.06.2024, which are 33.7% higher than refunds issued during the same period in the preceding year,” the ministry statement said.
