New Delhi: Net direct tax collection in India surged by nearly 16 per cent to around Rs 16.90 lakh crore in the current financial year so far. According to the Central Board of Direct Taxes, gross direct tax collections have grown by 20%, crossing the Rs 20.64 lakh crore mark between April 1 and January 12. This is a significant increase from around Rs 17 lakh crore collected during the same period in the last fiscal year.
For the entire fiscal year, the government has set a target of collecting Rs 22.07 lakh crore in direct taxes, with Rs 10.20 lakh crore expected from corporate taxes and Rs 11.87 lakh crore from personal income tax and other taxes.
The direct tax collection has reached over 76 percent of the budget estimates (BE) of Rs 22.07 lakh crore. Securities Transaction Tax (STT), saw a jump of 80 per cent from April 1, 2024, to January 12, 2025. This totalled Rs 44,538 crore for the period. STT already exceeded BE of Rs 37,000 crore last month. During the last fiscal year, the budget estimate was Rs 27,625 crore, which was revised to Rs 32,000 crore.
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The collection from net non-corporate taxes, primarily driven by personal income tax, has amounted to over Rs 8.74 lakh crore. Meanwhile, corporate tax receipts stand at about Rs 7.68 lakh crore between April 1, 2024, and January 12, 2025.
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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