New Delhi, July 13: The country’s nets direct tax collection posted a robust 19.5 per cent growth to Rs 5.74 lakh as on till July 11 of the current financial year (2024-25) compared to the same period of the previous year, according to the latest figures compiled by the Income Tax Department Net corporate tax collections from April 1 to July 11 increased 12.5 per cent over the same period last year to Rs 2.1 lakh crore, while personal income tax including securities transaction tax rose 24 per cent to Rs 3.64 lakh crore.
Gross direct tax collections, before refunds, surged 23.2 per cent compared to the same period last to Rs 6.45 lakh, the figures showed. There has also been a 64.5 per cent increase in direct tax refunds during the current financial year at Rs 70,902 crore between April 1 and July 11. The buoyancy in tax collections will help the government control the fiscal deficit as it gears up to present the full budget for 2024-15 on July 3. The hefty Rs 2.11 lakh crore dividend from the RBI and the robust direct tax and GST collections will give the Finance Minister headroom for pushing ahead with policies aimed at accelerating growth and implementing social welfare schemes aimed at uplifting the poor.