Robust Growth in Direct Tax Collection This Fiscal Year

Net direct tax collection in India has increased by 16.12% to over Rs 9.95 lakh crore this fiscal year, driven by higher advance tax collections. Personal income tax collection saw a 19% rise, while corporate tax collection grew by 10.55%. Refunds issued grew by 56.49%.

India's net direct tax collection has shown a significant increase of 16.12%, reaching over Rs 9.95 lakh crore so far this fiscal year. This growth is largely attributed to higher advance tax mop-ups.

Refunds worth more than Rs 2.05 lakh crore were issued, showing an impressive 56.49% jump compared to the same period last fiscal. Personal income tax (PIT) collections surged by 19%, totaling Rs 5.15 lakh crore between April 1 and September 17. In contrast, corporate tax collections rose by 10.55%, reaching over Rs 4.52 lakh crore.

Securities Transaction Tax (STT) revenues stood at Rs 26,154 crore. After accounting for refunds, the net collection from PIT and corporate taxes for this fiscal year amounts to Rs 9,95,766 crore, reflecting a 16.12% increase year-over-year. Advance tax collection notably grew by 22.61% to Rs 4.36 lakh crore. The government's budget for the current fiscal year targets a total direct tax collection of Rs 22.12 lakh crore, marking a 13% increase over the previous fiscal.

(With inputs from agencies.)