According to the government data released on Monday, India’s net direct tax collection has increased by 13.13%, which has exceeded Rs 21.26 lakh crore in this financial year so far.
This development is largely responsible for higher Advance tax collectionThe government collected Rs 10.44 lakh crore from four installments of advance tax, with an increase of 14.62%in the last financial year as compared to Rs 9.11 lakh crore.
The final installment of advance tax payment was scheduled to be held on 15 March 2025 for the current financial year.
Evil tax collection breakdown
- Corporate Tax: The advance tax collection under the corporate tax category increased by 12.54%, which reached Rs 7.57 lakh crore.
- Non-corporate tax:
Non-corporate tax collection Including individual income tax, a total significant increase of a total of 20.47%was observed during the financial year, total Rs 2.87 lakh crore.
Under Section 208 of the Income Tax Act, individuals with estimated tax liability over Rs 10,000 (after accounting for tax deduction at source – TDS and TCS) are required to pay advance tax. It includes salaried persons.
Tax payment schedule
Advance tax is paid in four installments: 15 June, 15 September, 15 December and the financial year 15 March.
Non-corporate tax collection up to 17%
According to data released by the Central Board of Direct Tax (CBDT), the total MOP-up from pure non-corporate taxes, mainly individual income tax, increased from year to year 17% to about Rs 11.01 lakh crore.
In contrast, net Corporate tax collection Between 1 April, 2024, and 16 March, 2025, a slower increased to Rs 7% to Rs 9.69 lakh crore.
Securities transactions (STT)
A significant increase of about 56%in the net collection of securities transactions (STT) was seen, which has so far reached Rs 53,095 crore in this financial year.
Refund and gross tax collection
The refund issued during this period gave more than Rs 4.60 lakh crore more than Rs 3.47 lakh crore in the previous year. As of 16 March, the gross direct tax collection increased by 16.15%, which increased to a total of Rs 25.86 lakh crore.
Revised estimates for direct tax collection
For the current financial year, the government has revised its income tax collection estimate for Rs 12.57 lakh crore, which is more than Rs 11.87 lakh crore from the initial budget estimate. The STT collection estimate has also been revised up to Rs 55,000 crore, with a budget estimate of Rs 37,000 crore.
However, the corporate tax collection has been revised to Rs 9.80 lakh crore below the budget target of Rs 10.20 lakh crore.
Overall, the revised estimate for direct tax collection (RE) is Rs 22.37 lakh crore, which is slightly higher than a budget estimate of Rs 22.07 lakh crore.
