The Central Board of Direct Taxes ( CBDT ) has released its net direct tax collection report for the financial year 2024-25. The personal income tax has surpassed corporate tax by an impressive ₹1 lakh crore.
As of October 10, 2024, the net direct tax collection reached Rs. 11,25,961 crores, reflecting a growth of 18.35% compared to the same period last year. Personal income tax alone accounted for Rs. 7,13,142 lakh crore, while corporate tax stood at Rs. 6,11,161 crore before the refunds.
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After accounting for refunds, the net collections for personal income tax stand at ₹5,98,484 crore, while corporate tax collections total ₹4,94,697 crore. According to the reports, the department issued a total refund of ₹2,31,122 crore for both personal and corporate taxes. Of this amount, ₹1,16,464 crore was refunded to corporate taxpayers, and ₹1,14,658 crore was returned to individual taxpayers.
On the same date last year, the department reported gross collections of ₹5,79,481 crore and ₹5,11,749 crore, indicating a substantial increase in tax collections this year. Additionally, the refunds issued last year were lower compared to those of the current year.
This year, the Securities Transaction Tax ( STT ) saw a significant rise, amounting to ₹30,630 crore, up by ₹14,257 crore from last year’s collection of ₹16,373 crore. Regarding other taxes, gross collections as of October 2024 totaled ₹2,178 crore, slightly lower than the ₹2,092 crore collected during the same period last year.
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The category of “other taxes” encompasses several levies, including the Equalization Levy, Fringe Benefit Tax, Wealth Tax, Banking Cash Transaction Tax, Hotel Receipt Tax, Interest Tax, Expenditure Tax, Estate Duty, and Gift Tax.
Analysing the six-month reports reveals a notable increase in tax revenue; however, this burden primarily rests on individuals, as personal income tax has risen significantly while corporate tax collections have not shown a corresponding increase.
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