Latest news with #directtax
Times of Oman
12-07-2025
- Business
- Times of Oman
India: Direct tax collections surge 3.2% to Rs 6.64 lakh crore by far in 2025-26
New Delhi: India's direct tax collections, in gross terms, have witnessed a robust growth of 3.2 per cent year-on-year so far in 2025-26, reaching Rs 6.64 lakh crore, data released by the Central Board of Direct Taxes (CBDT) showed. In 2024-25 same period, it was Rs 6.44 lakh crore. This rise in collections is attributed to higher corporate tax revenues and securities transaction tax (STT) receipts. Non corporate tax trails. Direct taxes are the taxes that individuals and businesses pay directly to the government. They include income tax, Corporate Tax, and Securities transaction tax. Other taxes, including wealth tax, saw a decline from Rs 1,422 crore to Rs 273 crore. After accounting for refunds, which also saw a significant jump of 38.01 percent, the net direct tax collection stood at Rs 1.01 lakh crore so far in 2025-26. The rise in tax collections is a positive sign for India's fiscal health, as it strengthens the government's revenue base and reduces dependence on borrowing. It also suggests economic resilience despite global uncertainties. Higher tax revenues may allow the government to increase public spending on infrastructure, social welfare, and other key sectors, boosting overall economic growth.
Times of Oman
21-06-2025
- Business
- Times of Oman
India's direct tax collections rise 4.86% in FY26 so far, net collections dip on higher refunds
New Delhi: India's gross direct tax collections for the financial year 2025-26 rose by 4.86 per cent to about Rs 5.45 lakh crore as of June 19, compared to about Rs 5.19 lakh crore collected during the same period last year, according to data released by the Income Tax Department. However, net direct tax collections saw a marginal decline of 1.39 per cent, dropping to Rs 4.59 lakh crore. The fall is primarily attributed to a sharp 58 per cent jump in refunds issued, reflecting faster processing and improved taxpayer services. Advance tax collections during the period stood at Rs 1.56 lakh crore, registering a growth of 3.87 per cent. This was led by a 5.86 per cent increase in corporate advance tax payments, even as collections from non-corporate taxpayers declined by 2.68 per cent. The data shows that while corporate tax collections remained strong, the Securities Transaction Tax (STT) saw a decline, and overall growth momentum in collections appears moderated by elevated refund outflows. Recently, the Income Tax Department has introduced the 'e-Pay Tax' feature on its official online portal to facilitate the taxpayers by easing various processes, according to the CBDT. Additionally, in the July 2024 Budget, the government proposed a comprehensive review of the Income-tax Act of 1961. The purpose was to make the Act concise and lucid, thereby reducing disputes and litigation. Meanwhile, on March 25, Union Finance and Corporate Affairs Minister Nirmala Sitharaman said that the new Income Tax Bill will be taken up for discussion in the monsoon session of Parliament. The Finance Minister has already announced in his budget speech that with the revised tax structure, individuals earning up to Rs 12 lakhs will have no tax liability due to the increased rebate of Rs 60,000. Earlier on March 18, the government encouraged the stakeholders to submit their suggestions on the newly introduced Income Tax Bill 2025. The Bill is currently under examination by the Select Committee for detailed consideration.
