The net direct tax collection includes personal income tax collection of Rs 4.47 lakh crore and corporate tax collection of Rs 2.22 lakh crore. Securities Transaction Tax (STT) mopped up Rs 21,599 crore, while other taxes (which include equalisation levy and gift tax) earned Rs 1,617 crore.
As per the government data, refunds worth Rs 1.20 lakh crore were issued between April 1 to August 11, a growth of 33.49 per cent.
On a gross basis, direct tax collection grew 24 per cent to Rs 8.13 lakh crore. The collection includes PIT (personal income tax) of Rs 4.82 lakh crore and corporate tax of Rs 3.08 lakh crore.
Gross personal income tax collections have shown a significant increase over the past year. For the fiscal year 2023-24, collections stood at Rs 3.91 lakh crore as of August 11, 2023. In comparison, for the fiscal year 2024-25, collections have risen to Rs 4.81 lakh crore as of August 11, 2024, reflecting a substantial growth in personal income tax revenue.
The government has budgeted to collect Rs 22.07 lakh crore in the current fiscal from direct taxes.On tax collections Mohandas Pai said on X, “tax collections are much higher than budgeted. But sadly Finance Ministry chose to be petty, depriving middle class of benefits before reversing, very unfriendly.”
In July, GST collections also rose 10.3 per cent to over Rs 1.82 lakh crore, mainly driven by domestic transactions in goods and services, according to official data released on Thursday.
According to the data, total refunds stood at Rs 16,283 crore in July.
The net Goods and Services Tax (GST) collection after adjusting refunds was over Rs 1.66 lakh crore, a growth of 14.4 per cent.