Robust Growth in Direct Tax Collections Bolsters Fiscal Health

The net direct tax collection saw a significant increase of 16.45% this fiscal, reaching over Rs 15.82 lakh crore by December 17. This growth is driven by a 21% rise in advance tax collection. Gross tax collection also grew substantially by 20.32%, showing strong economic progress.

In a noteworthy development in the fiscal landscape, net direct tax collections have surged by 16.45% year-on-year, amounting to over Rs 15.82 lakh crore as of December 17, according to the latest government data.

This increase is largely attributed to a robust 21% rise in advance tax collections, which totaled Rs 7.56 lakh crore during the same period. The collection breaks down into a corporate tax of over Rs 7.42 lakh crore and a non-corporate tax mop-up of Rs 7.97 lakh crore.

Furthermore, the fiscal year witnessed the collection of Securities Transaction Tax (STT) amounting to Rs 40,114 crore. Refunds issued during this period also saw a noticeable growth of 42.49% year-on-year, with values reaching Rs 3.39 lakh crore. Overall, gross direct tax collections grew 20.32%, hitting over Rs 19.21 lakh crore.

(With inputs from agencies.)