India’s net direct tax collections witnessed a strong rise in the current financial year, increasing 12.96% year-on-year to ₹12.12 lakh crore as of September 17, according to data released by the Income Tax Department.
Gross direct tax collections before refunds stood at ₹14.32 lakh crore, marking a growth of 15.19% compared with the corresponding period last year. Refunds issued during the period amounted to ₹2.20 lakh crore, registering a 29.19% increase from the previous year.
Corporate and non-corporate tax collections gain
Net corporate tax collections climbed to ₹5.56 lakh crore from ₹4.65 lakh crore during the same period a year earlier. Net non-corporate tax collections, which include taxes paid by individuals and other entities, rose to ₹6.16 lakh crore from ₹5.81 lakh crore.
Securities Transaction Tax (STT) collections also recorded significant growth. Net STT collections increased to ₹40,214.36 crore, compared with ₹26,305.72 crore in the year-ago period.
On a gross basis, corporate tax collections rose to ₹6.95 lakh crore, up from ₹5.96 lakh crore last year. Gross non-corporate tax collections increased to ₹6.98 lakh crore from ₹6.21 lakh crore.
Direct tax mop-up reflects wider taxpayer base
The data showed that total direct tax collections before refunds grew to ₹14.32 lakh crore from ₹12.44 lakh crore in the corresponding period of the previous year.
The direct tax figures include payments made by companies, individuals, Hindu Undivided Families (HUFs), firms, associations of persons (AoPs), bodies of individuals (BoIs), local authorities and artificial juridical persons.
Collections under other taxes remained marginally negative at ₹-0.20 crore compared with ₹280.51 crore recorded a year earlier on a net basis. Gross collections under the category stood at ₹17.12 crore against ₹297.14 crore in the previous year.
The latest data indicates continued momentum in tax collections amid higher corporate and individual contributions during the financial year.
