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Mint
2 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
5 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.
Time of India
6 hours ago
- Business
- Time of India
Net direct tax collections dip 1.39% to Rs 4.59 lakh crore despite 5% rise in gross mop-up; refunds surge 58%
India's net direct tax collections for the ongoing financial year 2025-26 declined by 1.39 per cent to Rs 4.59 lakh crore as of June 19, mainly due to a sharp surge in refund issuances, according to government data released on Saturday. Tired of too many ads? go ad free now In the same period last year, net direct tax collections had stood at Rs 4.65 lakh crore, according to news agency PTI. Gross direct tax collections, however, rose by 4.86 per cent to Rs 5.45 lakh crore, up from Rs 5.19 lakh crore collected during the corresponding period in FY24. The fall in net collections is attributed to a 58 per cent increase in refunds, which touched Rs 86,385 crore so far this fiscal, indicating improved processing and faster taxpayer services. Advance tax collections between April 1 and June 19, 2025, showed a modest growth of 3.87 per cent at Rs 1.56 lakh crore, a significant slowdown from the 27 per cent year-on-year growth recorded in the same period last year. Corporate advance tax collections rose 5.86 per cent to Rs 1.22 lakh crore, while non-corporate advance tax collections fell 2.68 per cent to Rs 33,928 crore. Corporate tax collections overall fell by over 5 per cent to Rs 1.73 lakh crore, while non-corporate tax collections, largely personal income tax, saw a marginal rise of 0.7 per cent to Rs 2.73 lakh crore. Securities Transaction Tax (STT) collections also grew by 12 per cent, reaching Rs 13,013 crore during this period. Meanwhile, the Income Tax Department has introduced the 'e-Pay Tax' feature on its official portal to simplify the tax payment process, according to news agency ANI. The broader tax reform agenda is also advancing, with the Income Tax Bill 2025 currently under review by a Select Committee. Finance minister Nirmala Sitharaman had earlier announced that the new Bill, which aims to replace the existing Income Tax Act of 1961 with a more concise, litigation-free law, will be taken up in the monsoon session of Parliament. Tired of too many ads? go ad free now The proposed structure also ensures zero tax liability for individuals earning up to Rs 12 lakh annually due to a raised rebate of Rs 60,000, as stated by the finance minister in her Budget speech. The government has invited stakeholder suggestions on the draft Bill to fine-tune the reforms.
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Business Standard
7 hours ago
- Business
- Business Standard
Net direct tax collection dips 1.39% to Rs 4.59 trillion in Apr-Jun
Net direct tax collection so far this fiscal stood at Rs 4.59 trillion, 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. Advance tax collection during April 1-June 19, 2025 grew a meagre 3.87 per cent to Rs 1.56 trillion. In the comparable period in 2024, advance tax collection had recorded an annual growth of 27 per cent. During April 1-June 19, 2025, corporate tax collection witnessed a slowdown at about Rs 1.73 trillion, 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 trillion. 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 trillion during April 1-June 19, 2025, registering a 1.39 per cent dip from Rs 4.65 trillion 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 trillion 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 trillion, 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 trillion during April 1-June 19, 2025. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Mint
7 hours ago
- Business
- Mint
India's gross direct tax collections rise 4.86% to ₹5.45 lakh crore in FY26 so far, net collections dip – Here's why
The gross direct tax collections in India for the financial year 2025-26 rose by 4.86 per cent to nearly ₹ 5.45 lakh crore as of June 19, from ₹ 5.19 lakh crore reported during the same period the previous year, according to data released by the Income Tax Department. There was a marginal dip of 1.39 per cent in the net tax collections, which stood at ₹ 4.59 crore, due to a 58 per cent increase in refunds issued, PTI reported. As of June 19, advance tax collections for the financial year 2025-26 were ₹ 1.56 lakh crore, a 3.87 per cent growth. The surge in advance tax collections was primarily due to a 5.86 per cent increase in corporate advance tax payments, while collections from non-corporate taxpayers decreased by 2.68 per cent. Even though corporate tax collections rose, the Securities Transaction Tax (STT) experienced a decrease, and the overall growth in collections was moderated by high refund outflows. The Income Tax Department recently launched the 'e-Pay Tax' feature, which is an online portal to make payments through the net banking facility of the authorised banks. The July 2024 Budget included a proposal for an extensive evaluation of the Income Tax Act of 1961. The aim was to streamline the Act for clarity, ultimately minimising disputes and litigation. On March 25, Union Finance Minister Nirmala Sitharaman mentioned that the new Income Tax Bill will be discussed during the Parliament's monsoon session. The Finance Minister has previously indicated in his budget speech that under the updated tax structure, individuals with earnings up to ₹ 12 lakhs will incur no tax liability thanks to the raised rebate of ₹ 60,000.
