Direct tax revenue rises 20% to Rs 5.74 trillion on higher corporate taxes
For the full fiscal year, the interim budget has been set at Rs 21.99 trillion (Representative Figure).
Net direct tax revenues rose 19.54 percent to over Rs 5.74 trillion this fiscal year, driven by higher advance tax payments by companies.
The first instalment of advance tax payment, due on June 15, rose 27.34 per cent to Rs 1.48 trillion. This includes corporate income tax (CIT) of Rs 1.14 trillion and personal income tax (PIT) of Rs 34,470 crore.
The net direct tax revenue of Rs 5,74,357 crore (as of July 11, 2024) includes Rs 2,10,274 crore in CIT and Rs 3,46,036 crore in PIT, according to data released by the Central Board of Direct Taxes (CBDT) on Saturday.
The Securities Transaction Tax (STT) contributed Rs 16,634 crore to direct tax revenues, the report said.
During the same period last year, the net receipts from direct taxes amounted to Rs 4,80,458 crore.
In FY 2025 up to July 11, refunds worth Rs 70,902 crore have also been made, which is 64.4 per cent higher than the refunds made in the same period of the previous year.
In the April-July period, gross direct tax revenue (before adjustment for refunds) stood at Rs 6.45 trillion, compared with Rs 5.23 lakh crore in the same period a year earlier. This is a growth of 23.24 per cent.
For the full fiscal year, the interim budget has been set at Rs 21.99 trillion in direct tax revenues.
First print: Jul 13, 2024 | 11:27 AM IST