India's Direct Tax Collection Surges by 18.3% in Current Fiscal

The net direct tax collection in India rose by 18.3% to Rs 11.25 lakh crore as of October 10, featuring significant contributions from personal income and corporate tax collections. Refunds saw a robust 46% growth. The government aims to collect Rs 22.07 lakh crore this fiscal year.

In an impressive fiscal performance, India's net direct tax collection has surged by 18.3% amounting to approximately Rs 11.25 lakh crore as of October 10, according to government data released on Friday.

The collection comprises Rs 5.98 lakh crore from personal income tax and Rs 4.94 lakh crore from corporate tax, alongside Rs 30,630 crore from the Securities Transaction Tax (STT) and Rs 2,150 crore from other taxes, such as the equalisation levy and gift tax.

The income tax department had amassed Rs 9.51 lakh crore during the same timeframe last year, showcasing a remarkable growth trajectory. Additionally, refunds valued at Rs 2.31 lakh crore were disbursed between April 1 and October 10, marking a notable 46% increase.