Surging Tax Revenues: A Closer Look at India's Fiscal Gains

India's net direct tax collection rose by 15.88% to about Rs 16.90 lakh crore this fiscal. The data shows significant contributions from non-corporate taxes and corporate tax collection. Securities transaction tax collections also rose, while refunds increased by 42.49%. The government aims to collect Rs 22.07 lakh crore.

Government data reveals that India's net direct tax collection has witnessed a growth of 15.88% this fiscal, amounting to approximately Rs 16.90 lakh crore. The Central Board of Direct Taxes (CBDT) highlighted significant revenues generated from both corporate and non-corporate sectors.

Personal income tax, a considerable component of non-corporate tax, accounted for over Rs 8.74 lakh crore. Meanwhile, net corporate tax collection between April 1, 2024, and January 12, 2025, reached around Rs 7.68 lakh crore. Securities transaction tax collections reached Rs 44,538 crore within the fiscal year.

An increase in refunds issued, up 42.49% to over Rs 3.74 lakh crore, also marked this period. From April 1, 2024, to January 12, 2025, the gross direct tax mop-up grew by 20%, totaling over Rs 20.64 lakh crore, edging closer to the government's target of Rs 22.07 lakh crore for the current fiscal.

(With inputs from agencies.)