NEW DELHI: Gross direct tax collections have elevated 22.2% to Rs 5,15,986 crore in the course of the fiscal yr up to June 17, offering cushion to the Centre to tackle increased spending. Latest information launched by the finance ministry estimated a 27.3% development in advance tax collections to a bit below Rs 1.5 lakh crore, indicating that financial exercise stays sturdy as a bulk of the receipts are from the company sector.
Companies and sure classes of people are required to pay advance tax in 4 instalments with the primary one due on June 15.
“Refunds amounting to Rs 53,322 crore have also been issued in the FY2024-25 till June 17, 2024, which are 33.7% higher than refunds issued during the same period in the preceding year,” the finance ministry stated in an announcement. As a end result, provisional direct tax collections on a web foundation went up 21% to over Rs 4.6 lakh crore.
