Net Direct Tax Kitty Rises 13% To Rs 21.26 Lakh Crore Till Mar 16

(MENAFN- Kashmir Observer) New Delhi- Net direct tax collection grew 13.13 per cent to over Rs 21.26 lakh crore so far this fiscal aided by by higher advance tax mop up, government data showed on Monday.

During the year, the government collected Rs 10.44 lakh crore from four instalments of advance tax as against Rs 9.11 lakh crore in the previous fiscal, registering a growth of 14.62 per cent.

The last instalment of the advance tax payment was due on March 15, 2025, for the current financial year.

Advance tax collection under the corporate tax category rose by 12.54 per cent to Rs 7.57 lakh crore while non-corporates witnessed a growth rate of 20.47 per cent to Rs 2.87 lakh crore during the financial year.

An individual whose estimated tax liability is likely to be over Rs 10,000 (after considering tax deducted and collected at source - TDS and TCS) is required to pay advance tax that year, as per Section 208 of the Income-Tax Act. This includes salaried taxpayers.

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Advance tax is to be paid before the end of the financial year on the income that one would have earned that year.

Advance tax is paid in four instalments - June 15, September 15, December 15, and March 15 of the financial year.

As per the data released by the Central Board of Direct Taxes (CBDT), mop up from net non-corporate taxes, which include mainly personal income tax, grew 17 per cent year-on-year to about Rs 11.01 lakh crore.

However, net corporate tax collection rose in single digits at 7 per cent to Rs 9.69 lakh crore between April 1, 2024, and March 16, 2025.

Net collections from securities transaction tax (STT) surged nearly 56 per cent to Rs 53,095 crore so far this fiscal.

Refunds worth more than Rs 4.60 lakh crore were issued during the period as against Rs 3.47 lakh crore in the year-ago period.

Gross direct tax mop up till March 16 grew 16.15 per cent to more than Rs 25.86 lakh crore.

In the revised estimates (RE) for the current fiscal, the government has pegged income tax collections at Rs 12.57 lakh crore, up from the budget estimate of Rs 11.87 lakh crore.

The collection from STT is pegged at Rs 55,000 crore in this fiscal in RE, higher than the budget estimate (BE) of Rs 37,000 crore.

The corporate tax collection target was revised lower at Rs 9.80 lakh crore, down from the budget target of Rs 10.20 lakh crore.

In total, the RE pegs direct tax collections at Rs 22.37 lakh crore, higher from Rs 22.07 lakh crore in BE.

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