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Labour Laws
06/09/20264 min read
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Informative
Direct tax mop-up rises 21% to Rs 4.62 lakh crore on higher corporate advance tax
Update / Judgement Date
17 Jun 2024
Source
Author
Team — WCP Legal Desk
Reading Time
1 min read
Income Tax
Net direct tax collection for the current fiscal has surged by 21 percent to exceed Rs 4.62 lakh crore, largely driven by substantial advance tax payments from corporates. \r
The initial instalment of advance tax, due on June 15, saw a notable 27.34 percent increase, totaling Rs 1.48 lakh crore, comprising Corporation Income Tax (CIT) at Rs 1.14 lakh crore and Personal Income Tax (PIT) at Rs 34,470 crore. As of June 17, 2024, the Central Board of Direct Taxes (CBDT) reported CIT collections at Rs 1,80,949 crore and PIT collections, including Securities Transaction Tax, at Rs 2,81,013 crore. \r
Refunds issued in FY 2024-25 amounted to Rs 53,322 crore, marking a 34 percent rise from the previous year. Gross direct tax collections for April-June 17 stood at Rs 5.16 lakh crore, reflecting a growth of 22.19 percent year-on-year, underscoring robust economic expansion and enhanced compliance within India’s formal economy.
