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Net direct tax collection in India surge to Rs 11.25 lakh crore

New Delhi: The net direct tax collection in the country grew 18.3% to Rs 11.25 lakh crore as of October 10 this fiscal. The mop-up includes personal income tax collection of Rs 5.98 lakh crore and corporate tax collection of Rs 4.94 lakh crore. Securities Transaction Tax (STT) stood at Rs 30,630 crore, while other taxes (including equalisation levy and gift tax) earned Rs 2,150 crore. Data released by the Income Tax Department  revealed this.

The income tax department had collected Rs 9.51 lakh crore during the same period a year ago. Refunds worth Rs 2.31 lakh crore were issued between April 1 and October 10. This witnessed a growth of 46 percent.

The gross direct tax collection grew 22.3 per cent to Rs 13.57 lakh crore. The collection includes PIT (personal income tax) of Rs 7.13 lakh crore and corporate tax of Rs 6.11 lakh crore.

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Corporate tax collection after adjusting for refunds grew over 11 percent so far this financial year to Rs 4.94 lakh crore, while personal income tax receipts after refunds stood at Rs 5.98 lakh crore. This reported a  23 percent growth. Securities transaction tax (STT) collection has jumped 87 percent so far this financial year to Rs 30,630 crore. It was at Rs 16,373 crore  in the same period a year ago.

The government is aiming to collect Rs 22 trillion in direct taxes in this financial year, according to Union budget documents. Of this, Rs 11.87 trillion is expected to be from personal income tax.

Direct taxes are collected from individuals and companies by the supreme tax body in the country. Direct taxes are directly paid by the tax payers. Direct taxes include personal income tax (PIT) and corporate income tax (CIT), besides taxes such as securities transaction tax (STT).  Indirect tax is not paid directly by a person to the government. The net direct tax collection  means the gross tax  collection minus the refund.

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