Quick Summary
The Income Tax Department has released its latest data on direct tax collections and advance tax collections for FY 2024-25, reflecting a notable growth in India's tax revenue. According to the Central Board of Direct Taxes (CBDT), as of September 17, 2024, the country's net direct tax collection has surged by 21.48%, showcasing India's expanding tax base and improved compliance. Gross Direct Tax Collection Crosses Rs 12 Lakh Crore For the period from April to September 2024, gross direct tax
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FAQ :
As of September 17, 2024, the net direct tax collection for FY 2024-25 has reached Rs 9.96 lakh crore.
Net direct tax collections have surged by 21.48% compared to the same period in the previous fiscal year.
Corporate tax collections grew by 18.26%, personal income tax collections rose by 22.8%, and Securities Transaction Tax (STT) collections nearly doubled.
Total advance tax collections for FY 2024-25 have increased by 22.61%, reaching Rs 4.36 lakh crore.
The robust growth in tax collections indicates strong economic momentum in India and the effectiveness of tax reforms, contributing to the nation's fiscal health.
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