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The Print
2 hours ago
- Business
- The Print
Net direct tax collection dips 1.39 pc to Rs 4.59 lakh cr on lower advance tax mop-up, higher refunds
Advance tax paid by corporates saw a growth of 5.86 per cent to Rs 1.22 lakh crore, while those by non-corporates, including individuals, HUFs and firms, dropped 2.68 per cent to Rs 33,928 crore. Advance tax, which is an indicator of corporate profitability and income of individuals, grew a meagre 3.87 per cent to Rs 1.56 lakh crore between April 1-June 19, 2025. In the comparable period in 2024, advance tax collection had recorded an annual growth of 27 per cent. New Delhi, Jun 21 (PTI) Net direct tax collection so far this fiscal dipped 1.39 per cent to Rs 4.59 lakh crore, on slowdown in advance tax mop-up and higher refunds, government data released on Saturday showed. Advance tax is paid in four instalments — in June, September, December, and March. Refund issuances increased by 58 per cent to Rs 86,385 crore till June 19, this fiscal. Gross direct tax collection stood at Rs 5.45 lakh crore so far this fiscal, logging a growth of 4.86 per cent from the year-ago period. Overall, the net direct tax collection kitty stood at about Rs 4.59 lakh crore in the fiscal till June 19, 2025, registering a 1.39 per cent dip from Rs 4.65 lakh crore collected in the corresponding period in 2024. During April 1-June 19, 2025, net corporate tax collection witnessed a slowdown at about Rs 1.73 lakh crore, a decline of over 5 per cent year on year. Non-corporate tax collections, which include mainly personal income tax, however, recorded a slight increase of 0.7 per cent to Rs 2.73 lakh crore. Securities Transaction Tax (STT) grew 12 per cent to Rs 13,013 crore during the period. In the current fiscal (2025-26), the government has projected its direct tax collections at Rs 25.20 lakh crore, up 12.7 per cent year on year. The government has collected 18.21 per cent of its direct tax target till June 19. The government aims to collect Rs 78,000 crore from STT in FY26. PTI JD HVA This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
The Print
2 hours ago
- Business
- The Print
Net direct tax collection dips 1.39 pc to Rs 4.59 lakh cr in Apr-Jun
During April 1-June 19, 2025, corporate tax collection witnessed a slowdown at about Rs 1.73 lakh crore, a decline of over 5 per cent year on year. Advance tax collection during April 1-June 19, 2025 grew a meagre 3.87 per cent to Rs 1.56 lakh crore. In the comparable period in 2024, advance tax collection had recorded an annual growth of 27 per cent. New Delhi, Jun 21 (PTI) Net direct tax collection so far this fiscal stood at Rs 4.59 lakh crore, 1.39 per cent lower compared to the mop-up during the corresponding period of last fiscal, as advance tax collections slowed, government data released on Sunday showed. Non-corporate tax collections, which include mainly personal income tax, however, recorded a slight increase of 0.7 per cent to Rs 2.73 lakh crore. Securities Transaction Tax (STT) grew 12 per cent to Rs 13,013 crore during the period. Overall, the net direct tax collection kitty stood at about Rs 4.59 lakh crore during April 1-June 19, 2025, registering a 1.39 per cent dip from Rs 4.65 lakh crore collected in the corresponding period in 2024. Refund issuances increased by 58 per cent so far this fiscal to Rs 86,385 crore. Gross direct tax collection stood at Rs 5.45 lakh crore so far this fiscal, logging a growth of 4.86 per cent from the year-ago period. Advance tax collection in corporate tax saw a growth of 5.86 per cent to Rs 1.22 lakh crore, while non-corporate tax collection dropped 2.68 per cent to Rs 33,928 crore. Overall, advance tax collection grew 3.87 per cent to Rs 1.55 lakh crore during April 1-June 19, 2025. PTI JD HVA This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
Mint
7 hours ago
- Business
- Mint
Net direct tax collection dips 1.39 pc to ₹4.59 lakh cr on lower advance tax mop-up, higher refunds
New Delhi, Jun 21 (PTI) Net direct tax collection so far this fiscal dipped 1.39 per cent to ₹ 4.59 lakh crore, on slowdown in advance tax mop-up and higher refunds, government data released on Saturday showed. Advance tax, which is an indicator of corporate profitability and income of individuals, grew a meagre 3.87 per cent to ₹ 1.56 lakh crore between April 1-June 19, 2025. In the comparable period in 2024, advance tax collection had recorded an annual growth of 27 per cent. Advance tax paid by corporates saw a growth of 5.86 per cent to ₹ 1.22 lakh crore, while those by non-corporates, including individuals, HUFs and firms, dropped 2.68 per cent to ₹ 33,928 crore. Advance tax is paid in four instalments -- in June, September, December, and March. Refund issuances increased by 58 per cent to ₹ 86,385 crore till June 19, this fiscal. Gross direct tax collection stood at ₹ 5.45 lakh crore so far this fiscal, logging a growth of 4.86 per cent from the year-ago period. Overall, the net direct tax collection kitty stood at about ₹ 4.59 lakh crore in the fiscal till June 19, 2025, registering a 1.39 per cent dip from ₹ 4.65 lakh crore collected in the corresponding period in 2024. During April 1-June 19, 2025, net corporate tax collection witnessed a slowdown at about ₹ 1.73 lakh crore, a decline of over 5 per cent year on year. Non-corporate tax collections, which include mainly personal income tax, however, recorded a slight increase of 0.7 per cent to ₹ 2.73 lakh crore. Securities Transaction Tax (STT) grew 12 per cent to ₹ 13,013 crore during the period.
Mint
9 hours ago
- Business
- Mint
Net direct tax collection dips 1.39 pc to ₹4.59 lakh cr on lower advance tax mop-up, higher refunds
New Delhi, Jun 21 (PTI) Net direct tax collection so far this fiscal dipped 1.39 per cent to ₹ 4.59 lakh crore, on slowdown in advance tax mop-up and higher refunds, government data released on Saturday showed. Advance tax, which is an indicator of corporate profitability and income of individuals, grew a meagre 3.87 per cent to ₹ 1.56 lakh crore between April 1-June 19, 2025. In the comparable period in 2024, advance tax collection had recorded an annual growth of 27 per cent. Advance tax paid by corporates saw a growth of 5.86 per cent to ₹ 1.22 lakh crore, while those by non-corporates, including individuals, HUFs and firms, dropped 2.68 per cent to ₹ 33,928 crore. Advance tax is paid in four instalments -- in June, September, December, and March. Refund issuances increased by 58 per cent to ₹ 86,385 crore till June 19, this fiscal. Gross direct tax collection stood at ₹ 5.45 lakh crore so far this fiscal, logging a growth of 4.86 per cent from the year-ago period. Overall, the net direct tax collection kitty stood at about ₹ 4.59 lakh crore in the fiscal till June 19, 2025, registering a 1.39 per cent dip from ₹ 4.65 lakh crore collected in the corresponding period in 2024. During April 1-June 19, 2025, net corporate tax collection witnessed a slowdown at about ₹ 1.73 lakh crore, a decline of over 5 per cent year on year. Non-corporate tax collections, which include mainly personal income tax, however, recorded a slight increase of 0.7 per cent to ₹ 2.73 lakh crore. Securities Transaction Tax (STT) grew 12 per cent to ₹ 13,013 crore during the period. In the current fiscal (2025-26), the government has projected its direct tax collections at ₹ 25.20 lakh crore, up 12.7 per cent year on year. The government has collected 18.21 per cent of its direct tax target till June 19. The government aims to collect ₹ 78,000 crore from STT in FY26.
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Business Standard
10 hours ago
- Business
- Business Standard
Net direct tax collection dips 1.39% to Rs 4.58 trn till June 19 in FY26
Net direct tax collections from April 1 to June 19 in FY26 dipped by 1.39 per cent year-on-year to ₹4.58 trillion due to higher refunds, income tax relaxation for salaried individuals and the impact of increased capital expenditure by companies. Of this, non-corporate tax — which includes taxes paid by individuals, Hindu Undivided Families, firms, bodies of individuals, associations of persons, local authorities, and artificial juridical persons — grew marginally by 0.71 per cent on a yearly basis to ₹2.72 trillion during the same period. Net corporate tax during the same period declined by 5.13 per cent to ₹1.72 trillion, while securities transaction tax (STT) increased by 12.13 per cent to ₹13,013 crore, according to official data. According to Samir Kanabar, tax partner at EY, the marginal dip in net tax collections is mainly due to the tax relaxation extended to the salaried class in the Union Budget 2025. 'Since individuals are paying less tax, the government is receiving lower tax deducted at source (TDS) from salaries. On the corporate side, the fall in tax collection is partly because companies are getting large refunds and also because many of them have made big Capex investments,' said Kanabar. 'When businesses spend on setting up factories, buying machinery, or expanding operations, they get tax deductions under the Income Tax Act, which reduces their taxable income and ultimately lowers the corporate income tax they pay,' he added. Gross direct tax collections rose by 4.86 per cent year-on-year to ₹5.45 trillion, while refunds surged by 58.04 per cent to ₹86,385 crore during the same period. Of the total refunds, the major chunk comprised corporate refunds amounting to ₹76,832.08 crore, which grew by 67.31 per cent. According to experts, these refunds pertain to past years and may have been cleared now. Of the total gross direct tax, corporate tax amounted to ₹2.49 trillion, non-corporate tax contributed ₹2.82 trillion, STT totalled ₹13,013 crore, and other taxes stood at ₹259.61 crore. 'The growth in corporate tax collections appears to be broadly in line with expected profit growth. In the case of non-corporates, collections may have been impacted by lower bonus payouts and modest salary increments. As for refunds, these likely pertain to previous assessment years and may simply reflect bunching of processing activity towards the end of the first quarter,' said Madan Sabnavis, chief economist at Bank of Baroda. Meanwhile, advance tax collections registered moderate growth of 3.87 per cent in the first quarter of FY26, compared with last year's year-on-year growth of 27.34 per cent. Advance tax is paid by individuals and businesses in four instalments within specific due dates — June 15, September 15, December 15 and March 15. The non-corporate advance tax decreased by 2.68 per cent year-on-year to ₹33,928.32 crore till June 19 in FY26, while corporate advance tax rose by 5.86 per cent to ₹1.21 trillion during the same period. The Centre has estimated direct tax collections of ₹25.2 trillion for FY26. Net direct tax collection in FY25 grew by 13.57 per cent to ₹22.26 trillion, exceeding the initial budgeted target of ₹22.07 trillion.
