Net Direct Tax Collection in the current financial year, a big jump of 15.88%, Rs 16.89 lakh crore in government treasury

During the current financial year 2024-25, so far, Net Direct Tax Collection in India has increased by 15.88 percent to Rs 16.90 lakh crore. This information is given by the Central Board of Direct Taxes (CBDT). Direct tax is the tax that is charged directly from citizens and companies, such as personal income tax, corporate tax, and securities transactions tax. It is used to meet government expenses and development plans.

Increase in personal income tax collection

According to CBDT, the non-corporate tax collection which mainly includes individual income tax collection, has exceeded Rs 8.74 lakh crore. This figure reflects a strong growth compared to last year.

Corporate tax and STT collection improvement

Corporate tax collection, ie tax deposited by companies, has also reached Rs 7.68 lakh crore. At the same time, securities transaction tax – STT collection was Rs 44,538 crore.

Tax refund also increase a big increase

The government has issued an Income Tax Refund of more than Rs 3.74 lakh crore till January 12 in this financial year. This amount is 42.49 percent more than the same period of the previous financial year. The increasing amount of refund is providing relief to taxpayers.

What is the goal of the government?

The government has set a target of raising Rs 22.07 lakh crore from direct tax in the current financial year. This includes corporate tax collection of Rs 10.20 lakh crore, personal income tax of Rs 11.87 lakh crore and other taxes.

Indication of country’s economic strength

This increase in direct tax collection indicates the country’s economic strength and better tax compliance. Increased refund and strong collection will help keep the government financial situation stable.

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