India's Direct Tax Surge: A 15% Growth Amid Economic Challenges

India's net direct tax collection increased by 15.41% to Rs 12.11 lakh crore between April and November 10. The collection includes Rs 5.10 lakh crore from corporate taxes and Rs 6.62 lakh crore from non-corporate taxes. The Central Board of Direct Taxes reported a gross collection increase of 21.20%.

Net direct tax collection in India saw a remarkable increase of 15.41%, reaching Rs 12.11 lakh crore between April 1 and November 10. This surge is attributed to contributions from corporate taxes amounting to Rs 5.10 lakh crore and non-corporate taxes, which include personal taxes from individuals and entities like HUFs and firms, totaling Rs 6.62 lakh crore.

The Central Board of Direct Taxes disclosed that the gross collection of direct tax stood at Rs 15.02 lakh crore, reflecting a growth of 21.20% during the same period. In terms of refunds, Rs 2.92 lakh crore was issued, marking a 53% increase over the previous year, contributing significantly to the adjusted net tax figures.

The government's financial strategies project a target to gather Rs 22.12 lakh crore from direct taxes in the current fiscal, marking a 13% increase over the last fiscal. With an eye on continued economic expansion, the administration remains hopeful of achieving its budgetary goals despite the challenges.

(With inputs from agencies.)