Direct tax mop-up rises 21% to Rs 4.62 lakh cr on higher advance tax revenues

New Delhi: Net direct tax collection grew 21 per cent to Rs 4.62 lakh crore so far this fiscal on higher advance tax mop-up, the income tax department said on Tuesday.

The first instalment of advance tax, which was due on June 15, showed collections rose 27.34 per cent to Rs 1.48 lakh crore. This includes Corporation Tax (CIT) at Rs 1.14 lakh crore and Personal Income Tax (PIT) at Rs 34,470 crore.

The net direct tax collection of Rs 4,62,664 crore (as of June 17, 2024) includes CIT at Rs 1,80,949 crore and PIT (including Securities Transaction Tax) at Rs 2,81,013 crore, the Central Board of Direct Taxes (CBDT) said in a statement.

Refunds amounting to Rs 53,322 crore have also been issued in the FY 2024-25 till June 17, 34 per cent higher than refunds issued during the same period in the preceding year.

For April-June 17, gross collection of direct taxes (before adjusting for refunds) stood at Rs 5.16 lakh crore compared to Rs 4.23 lakh crore in the corresponding period of the preceding financial year, showing a growth of 22.19 per cent.