Direct Tax Booms: A 16.12% Growth Surge This Fiscal
Net direct tax collection in India has grown by 16.12% to over Rs 9.95 lakh crore this fiscal, driven by higher advance tax procurement. Personal income tax collections rose 19% to Rs 5.15 lakh crore, while corporate tax collections increased by 10.55% to Rs 4.52 lakh crore. Refunds issued saw a 56.49% jump.
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- India
Net direct tax collection in India has surged by 16.12 per cent, reaching a total of over Rs 9.95 lakh crore in the current fiscal, primarily driven by a robust advance tax mop-up.
Refunds worth over Rs 2.05 lakh crore were issued during the period, marking a significant 56.49 per cent increase compared to the same period last fiscal.
Personal income tax (PIT) collection grew by 19 per cent, totaling Rs 5.15 lakh crore, while corporate tax collection saw an uptick of 10.55 per cent to Rs 4.52 lakh crore.
Revenues from the Securities Transaction Tax (STT) stood at Rs 26,154 crore.
When accounting for refunds, net collections from PIT and corporate taxes stand at Rs 9,95,766 crore for the fiscal, indicating a robust growth of 16.12 per cent compared to the previous year.
Advance tax collection witnessed a substantial growth of 22.61 per cent, totaling Rs 4.36 lakh crore. Specifically, advance collections from PIT grew by 39.22 per cent, while corporate tax advance collections rose by 18.17 per cent.
Overall gross direct tax collection reached Rs 12.01 lakh crore, reflecting a growth rate of 21.48 per cent this fiscal.
The government aims to collect Rs 22.12 lakh crore in direct taxes for the current fiscal, a 13 per cent increase over the previous fiscal's target.
(With inputs from agencies.)