{"id":40242,"date":"2024-08-12T19:17:08","date_gmt":"2024-08-12T19:17:08","guid":{"rendered":"https:\/\/thenftimes.com\/index.php\/2024\/08\/12\/indias-direct-tax-collection-surges-22-5-to-rs-6-93-trillion-n-f-times\/"},"modified":"2024-08-12T19:17:11","modified_gmt":"2024-08-12T19:17:11","slug":"indias-direct-tax-collection-surges-22-5-to-rs-6-93-trillion-n-f-times","status":"publish","type":"post","link":"https:\/\/thenftimes.com\/index.php\/2024\/08\/12\/indias-direct-tax-collection-surges-22-5-to-rs-6-93-trillion-n-f-times\/","title":{"rendered":"India&#039;s Direct Tax Collection Surges 22.5% to Rs 6.93 Trillion &#8211; N.F Times"},"content":{"rendered":"<p> [ad_1]<br \/>\n<\/p>\n<div>\n<p>India\u2019s net direct tax collection, after adjusting for refunds, increased by 22.5% to \u20b96.93 trillion from April 1 to August 11 in FY25. During the same period last year, the collection stood at \u20b95.65 trillion, as per the latest data from the Income Tax Department released on Monday.<\/p>\n<p>Personal income tax (PIT) collections surpassed corporation tax, with PIT amounting to \u20b94.47 trillion (net), compared to \u20b93.44 trillion in the corresponding period of the previous year.<\/p>\n<p>Corporation tax was reported at \u20b92.2 trillion, a growth of 5.7%, which falls short of the 12% growth target set for this fiscal year.<\/p>\n<p>Direct taxes, which include PIT and corporation tax, saw securities transaction tax\u2014a component of PIT\u2014soar to \u20b921,599 crore from \u20b910,234 crore a year earlier, likely due to changes in tax rates and an uptick in stock market activity.<\/p>\n<p>The gross collection before refunds reached \u20b98.13 trillion, a 23.99% increase from the last financial year, according to the tax department.<\/p>\n<p>Direct tax refunds issued by the government totalled \u20b91.20 trillion up to August 11, marking a 33.49% rise from \u20b990,028 crores in the same period in FY24.<\/p>\n<p>The government\u2019s target for gross tax revenue in FY25 is \u20b938.40 trillion, as stated in the Budget, with direct taxes expected to contribute \u20b922.07 trillion and indirect taxes \u20b916.33 trillion.<\/p>\n<p>Net direct tax collection for FY24 was \u20b919.58 trillion, 17.1% higher than the previous year, surpassing the estimates by \u20b913,000 crore. In FY23, the direct tax collection was \u20b916.64 trillion, and in FY22, it was \u20b914.08 trillion.<\/p>\n<\/div>\n<p>[ad_2]<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>[ad_1] India\u2019s net direct tax collection, after adjusting for refunds, increased by 22.5% to \u20b96.93 trillion from April 1 to August 11 in FY25. During the same period last year, the collection stood at \u20b95.65 trillion, as per the latest data from the Income Tax Department released on Monday. Personal income tax (PIT) collections surpassed [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":40243,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[26],"tags":[],"class_list":["post-40242","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"jetpack_featured_media_url":"https:\/\/thenftimes.com\/wp-content\/uploads\/2024\/08\/direct-tax.jpeg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/thenftimes.com\/index.php\/wp-json\/wp\/v2\/posts\/40242","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thenftimes.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thenftimes.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thenftimes.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/thenftimes.com\/index.php\/wp-json\/wp\/v2\/comments?post=40242"}],"version-history":[{"count":1,"href":"https:\/\/thenftimes.com\/index.php\/wp-json\/wp\/v2\/posts\/40242\/revisions"}],"predecessor-version":[{"id":40244,"href":"https:\/\/thenftimes.com\/index.php\/wp-json\/wp\/v2\/posts\/40242\/revisions\/40244"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/thenftimes.com\/index.php\/wp-json\/wp\/v2\/media\/40243"}],"wp:attachment":[{"href":"https:\/\/thenftimes.com\/index.php\/wp-json\/wp\/v2\/media?parent=40242"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thenftimes.com\/index.php\/wp-json\/wp\/v2\/categories?post=40242"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thenftimes.com\/index.php\/wp-json\/wp\/v2\/tags?post=40242"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}