Advance tax inflows rise 22.6%
Advance tax payments from corporates and personal taxpayers rose 22.6% by Tuesday to cross ₹4.36 lakh crore, led by a 39.2% increase in personal Income-Tax receipts and a milder 18.2% uptick in corporate taxes.
Overall net direct tax receipts were 16.1% higher at about ₹9.96 lakh crore, slowing from a growth of 22.5% recorded by August 11. Corporate tax collections rose 10.5%, while inflows from personal Income Tax rose 18.9%, as of September 17. Securities Transaction Tax (STT) collections almost doubled to ₹26,154 crore, while refunds were up 56.5% at ₹2.05 lakh crore, as per Income Tax Department data.
Personal taxes continued to outstrip corporate taxes, with a 51.7% share in net direct tax receipts so far this year. Gross tax collections, prior to refunds, were up 21.5% at ₹12.01 lakh crore.
Published - September 18, 2024 09:34 pm IST