The economic clouds of recession, stagnation, and struggle have cleared. Advance tax has increased by 16.8 percent compared to the previous year. The government has collected a substantial amount of income tax in just eight and a half months.
Notably, the average citizen contributes more to the collection of direct taxes than corporations and business owners. Up until December 17 of the current financial year, net direct tax collection has surged by 16.45 percent, surpassing Rs 15.82 lakh crore, as per government data.
Based on the data, the total direct tax collection from April to December 17 in the financial year 2024-25 reached Rs 15.82 lakh crore, marking an increase of approximately 16.5 per cent compared to the same period the previous year. Advance tax collections rose by 21 percent compared to the previous year, reaching Rs 7.56 lakh crore.
Out of the total tax revenue, the corporate sector contributed over Rs 7.42 lakh crore, while individual taxpayers accounted for Rs 7.97 lakh crore.
During this period, the government has also recovered Rs 40,114 crore from those engaged in securities trading. Direct tax collection encompasses corporate tax, personal income tax, and securities transaction tax.
Following the government's total tax collection, a significant number of refunds were issued. Between April and December 17, the government reported issuing tax refunds worth Rs 3.39 lakh crore, representing a 42.49 percent rise from the previous fiscal year. Overall, direct tax collections have surpassed Rs 19.21 lakh crore, indicating a 20.32 percent increase compared to the same period last year.