Growth in India’s net direct tax collections slowed slightly to 19.54% by July 11, relative to a 21% rise recorded by June 17, with revenues hitting ₹5.74 lakh crore, the Income Tax department said on Friday.

Personal income tax (PIT) receipts constituted 60.2% of the net collections at ₹3.46 lakh crore, rising 21.4% year-on-year, while corporate taxes yielded 36.6% of net revenues at ₹2.1 lakh crore, reflecting a 12.5% growth.

With stock market trading volumes rising, receipts from the Securities Transaction Tax (STT) soared to ₹16,634 crore, 2.3 times the receipts at the same time last year. Combined with STT receipts, net PIT collections were up 24.1%, almost twice the growth recorded in net corporate taxes.

Corporates get 78% of refunds

By July 11, the Income Tax department had issued ₹70,902 crore as refunds to taxpayers, 62.5% higher than a year ago. Corporate taxpayers received 77.7% of these refunds, while personal tax payers got about ₹15,826 crore back.

Prior to refunds, gross tax collections stood at a little over ₹6.45 lakh crore, marking a 23.2% growth. Of this, corporate tax receipts were up 20.4% while PIT and STT revenues were up 25.3%.

In 2023-24, net direct tax revenues had risen 17.7% to ₹19.58 lakh crore, with PIT’s share rising to 53.3% from 50.06% in the previous year.