India's net direct tax collection rose 16% year-on-year to Rs 15,82,584 crore so far in the financial year ending March 2025, according to the latest data from the income tax department released on Wednesday.
India's gross direct tax collections in the current financial year till Dec. 17, stood at Rs 19,21,508 crore, a 20.3% jump as compared to the corresponding period last year.
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Refunds issued by the I-T Department are also up 42.5% to Rs 3.4 lakh crore in the financial year so far.
The advanced tax collection number came in at Rs 7.56 lakh crore so far since April, up 20.9% from the year-ago period.
Additionally, corporate tax collection saw an 8.6% jump to Rs 7.43 lakh crore, while non-corporate tax collection went up 22.5% at Rs 7.97 lakh crore. Securities transaction tax collection also grew by 85.5% to Rs 40,114 crore in from April 1 until Dec. 17.
In November, Central Board of Direct Taxes (CBDT) chairman Ravi Agarwal had said that the government will exceed the Rs 22.07 lakh crore direct tax collection target set for the current fiscal.
"We are hopeful, and we believe that we will exceed the budget target for tax collection. Collections from corporate and non-corporate taxes have risen," Agarwal had said.
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