New Delhi: Robust collections from individual taxpayers saw over 23% annualised increase in gross direct tax revenues to Rs.6.45 lakh crore in the current financial year starting from April 1 up to July 11 despite significantly high refunds, according to data released by the income-tax department on Saturday.
In spite of higher refunds, the net collection jumped by 19.5% in FY25 (up to July 11) to Rs.5,74,357 crore as compared to Rs.4,80,458 crore in the same period the previous year.
The total amount of refunds during the period was Rs.70,902 crore, 64.5% more than Rs.43,105 crore refunded in this April 1-July 11 period last year, which also showed increased efficiency in processing income-tax returns (ITRs) because of the technological advancement.
Companies paid a total of Rs.2,65,336 crore corporate income tax (CIT) in this period of FY25 compared to a gross of Rs.2,20,297 crore in the same period of FY24, a 20.44% jump. They, however, received refunds of Rs.55,063 crore in the current period, 65.15% more than Rs.33,341 crore refunded in the corresponding period last year. Hence, the net CIT revenue (post refunds) from April 1 to July 11, 2024, was ₹2,10,274 crore, with a 12.47% year-on-year increase.
Collections from individual taxpayers -- classified as personal income tax (PIT) – was Rs.3,61,862 crore, which was 22.76% y-o-y growth. After ₹15,826 crore refunds (62.46% y-o-y jump) in the period (April 1-July 11, 2024), the net PIT collection was Rs.3,46,036 crore, posting an annualised growth of 21.41%.
{{/usCountry}}Collections from individual taxpayers -- classified as personal income tax (PIT) – was Rs.3,61,862 crore, which was 22.76% y-o-y growth. After ₹15,826 crore refunds (62.46% y-o-y jump) in the period (April 1-July 11, 2024), the net PIT collection was Rs.3,46,036 crore, posting an annualised growth of 21.41%.
{{/usCountry}}Securities Transaction Tax (STT), another component of direct tax jumped over 128% from Rs.7,285 crore on April 1-July 11, 2023, to ₹.16,634 crore on April 1-July 11, 2024, according to official data. This shows the robustness of activities in Indian bourses. STT is levied on every transaction – both sale and purchase -- of securities that are listed on the stock exchanges in India.
After ₹13 crore refunds, the net collection of other direct taxes was ₹1,413 crore in the current financial year up to July 11, as compared to ₹1,194 crore in the same period last year after refunding ₹23 crore, according to the data. Other taxes include equalisation levy, fringe benefit tax, wealth tax, banking cash transaction tax, hotel receipt tax, interest tax, expenditure tax, estate duty and gift tax.