Net direct tax collection grows 21% YoY to over Rs 4.62 lakh cr in Apr-Jun

New Delhi: India's net direct tax collections have increased by 21 percent year-on-year, reaching over Rs 4.62 lakh crore from April 1 to June 17, according to the income tax department on Tuesday.

IBNS • 18 Jun 2024, 03:46 pm

Net direct tax collection grows 21% YoY to over Rs 4.62 lakh cr in Apr-Jun

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The net direct tax collection of Rs 4,62,664 crore as of June 17, 2024, comprises Corporate Income Tax (CIT) at Rs 1,80,949 crore and Personal Income Tax (PIT), including Securities Transaction Tax, at Rs 2,81,013 crore, stated the Central Board of Direct Taxes (CBDT).

Additionally, refunds totalling Rs 53,322 crore have been issued in FY 2024-25 up to June 17, which is 34 percent higher than the refunds issued during the same period the previous year.

From April to June 17, the gross collection of direct taxes (before refunds) amounted to Rs 5.16 lakh crore, compared to Rs 4.23 lakh crore during the same period last financial year, reflecting a growth of 22.19 percent.

The government has set a target of Rs 21.99 lakh crore for direct tax collections in this fiscal year.