

Direct tax collection: The Central Board of Direct Taxes on Friday released the data on Direct Tax (DT) collections till July 11, 2024, for FY 2024-25. The net direct tax collections have increased by 24.07% to Rs 5.74 lakh crore. In FY23, the net collections stood at Rs 4.80 lakh crore.
This includes corporate taxes of Rs 2.1 lakh crore and personal income tax of Rs 3.46 lakh crore. The personal income tax figure includes proceeds from securities transaction tax (STT).
In June, CBDT said the Central government has collected Rs 4.62 lakh crore in direct taxes after adjusting for refunds, marking a 20.99% growth annually.
This included corporate taxes of Rs 1.8 lakh crore and personal income tax of Rs 2.81 crore.
India's net direct tax collections for the fiscal year 2023-24 experienced a notable growth of 17.7%, amounting to Rs 19.58 lakh crore. This figure marginally exceeded the revised estimates for the year. The increase was primarily attributed to a significant rise in personal income taxes, which accounted for 53.3% of the total tax revenue, marking an increase from the previous year's 50.06%. Meanwhile, corporate taxes saw a decrease in contribution, dropping to 46.5% from 49.6% in the previous fiscal year.
The government has in the interim budget for FY25 projected a revenue of Rs 10.4 lakh crore from corporate tax and a revenue of Rs 11.56 lakh crore from personal income tax.
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