NEW DELHI: Net direct tax collection increased by 18.3%, reaching Rs 11.25 lakh crore as of October 10 this fiscal year, according to the government data released on Friday.
The total revenue includes personal income tax collections of Rs 5.98 lakh crore and corporate tax collections of Rs 4.94 lakh crore. Additionally, the Securities Transaction Tax (STT) amounted to Rs 30,630 crore, while other taxes, which encompass the equalization levy and gift tax, contributed Rs 2,150 crore.
Net direct tax revenue, after accounting for refunds, was Rs 9.5 trillion during the same period last year. The tax department reported that it has issued refunds totaling Rs 2.3 trillion to taxpayers, including both individuals and businesses, which represents an increase of over 46% compared to the refunds provided in the corresponding period last year.
As of October 10, the net direct tax revenue collected reached Rs 11.26 trillion, which constitutes over half of the Rs 22 trillion projected for this financial year. Furthermore, the growth rate of net direct tax collection is exceeding the 12.8% growth rate that was anticipated in the full-year budget presented in July following the national elections.
Corporate tax collection, after accounting for refunds, increased by more than 11% this financial year, totalling Rs 4.94 trillion. Meanwhile, personal income tax receipts, also adjusted for refunds, reached Rs 5.98 trillion, reflecting a robust growth of 23%.
The growth in personal income tax collection significantly exceeds the budget estimate of 14%, as indicated by budget documents.
The amendment to tax laws in 2020, which shifted the taxation of dividends from companies to shareholders, has contributed to this increase in personal income tax revenue.
Refunds at Rs 2.3 lakh cr
Net direct tax revenue, after refunds, was Rs 9.5 trillion during same period last year. tax department reported that it has issued refunds ofRs 2.3 trillion to taxpayers, including individuals and businesses, a rise of over 46% as against refunds provided in corresponding period last year
