INSUBCONTINENT EXCLUSIVE:
Rs 11.3 trillion between April 1 and October 10 of FY25
on Friday.
Of the tax mop-up, personal income-tax (PIT) outpaced corporation tax
PIT stood at Rs 5.98 trillion (net) compared to Rs 4.88 trillion in the same period a year ago.Click here to connect with us on
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Corporation tax (net) was reported at Rs 4.95 trillion, an increase of 11.2 per cent, which is slightly lower than the growth
Securities transaction tax, part of PIT, has jumped to Rs 30,630 crore from Rs 16,373 crore in the same period a year ago
This increase could be attributed to changes in tax rates and a rise in stock-market trading.
Gross direct tax collection (before refunds)
stood at Rs 13.57 trillion, marking a 22.30 per cent rise from the previous financial year, according to the tax department.
The
government has issued direct tax refunds of Rs 2.31 trillion till October 11, an increase of 46.03 per cent over the Rs 1.6 trillion issued
in the corresponding period in FY24.
The Centre aims to raise gross tax revenue of Rs 38.40 trillion in FY25, according to the Budget
The Budget set a target of Rs 22.07 trillion from direct taxes and Rs 16.33 trillion from indirect taxes.
The government collected Rs
19.58 trillion as net direct tax in FY24, 17.1 per cent higher than the preceding financial year.First Published: Oct 11 2024 | 8:44 PMIST
