New Delhi: The income tax department's efficiency has rapidly increased in the last decade as refunds out of direct tax collection crossed the Rs 2 lakh mark in the financial year (FY) 2024-25, according to government data.
According to the data, direct tax collection in the current financial year (From April 1 to September 17) was Rs 9.95 lakh crore, up 16.12 per cent compared to the same period last year. Tax refunds also jumped during this period and have increased by 56.49 per cent to Rs 2.05 lakh crore compared to last year.
Securities Transaction Tax (STT) collection has increased to Rs 26,154 crore. Advance tax collection has increased by 22.61 per cent on an annual basis to Rs 4.36 lakh crore. Advance personal income collection has increased by 39.22 per cent. There has been an increase of 18.17 per cent in corporate tax.
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