India News Get -BusinessFY 2024 25 Direct Tax Collections Data Update | Net collection| Net reimbursement of collection
The central government collected a net direct tax of Rs 11.25 lakh crore from April 1 to October 10. In this, the corporate tax is Rs 4.94 lakh crore and the personal income tax is Rs 5.98 lakh crore.
The Income Tax department had collected a direct tax of Rs 9.51 lakh crore this time a year ago (as of October 10, 2023). There was an increase of 18.35% on an annual basis.
Reimbursement of Rs 2.31 lakh crore also issued
The Income Tax department also issued refunds of Rs 2.31 lakh crore during this period. This is 46% more than the same period last year.
Till October 10 last year, the government had issued refunds worth Rs 1.58 lakh crore.
The government has set a target of collecting Rs 22.07 lakh crore through direct taxes for the financial year 2024-25.
Difference between direct and indirect taxes?
The tax collected directly from the ordinary citizen is called direct tax. Direct taxes include corporate income tax and personal income tax. The tax imposed on shares or other assets is also called direct tax. The tax which is not collected directly from the general public but is also collected from the general public is called indirect tax. This includes excise duty, customs duty and GST.
Previously, there were many types of indirect taxes in the country. But since July 1, 2017, all types of indirect taxes are included in GST. However, taxes on petroleum products and alcoholic beverages are currently excluded from the scope of GST. Tax collection is considered to reflect economic activities in any country. Direct tax collection in India has been good this year.