New Delhi: Net direct tax collection in India grew 14.69 per cent to over Rs 17.78 lakh crore so far this fiscal. As per the data released by the Central Board of Direct Taxes (CBDT), mop up from net non-corporate taxes, which include mainly personal income tax, grew 21 per cent year-on-year to about Rs 9.48 lakh crore.
Net corporate tax collection rose more than 6 per cent to over Rs 7.78 lakh crore between April 1, 2024, and February 10, 2025. Net collections from securities transaction tax (STT) jumped 65 per cent to Rs 49,201 crore so far this fiscal.
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Refunds worth more than Rs 4.10 lakh crore were issued during the period, a 42.63 per cent increase against the year-ago period. Gross direct tax mop up till February 10 grew 19.06 per cent to more than Rs 21.88 lakh crore.
In the revised estimates (RE) for the current fiscal, the government has pegged income tax collections at Rs 12.57 lakh crore, up from the budget estimate of Rs 11.87 lakh crore. The collection from STT is pegged at Rs 55,000 crore in this fiscal in RE, higher than the budget estimate (BE) of Rs 37,000 crore.
Corporate tax collection target was revised lower at Rs 9.80 lakh crore, down from the budget target of Rs 10.20 lakh crore. In total, the RE pegs direct tax collections at Rs 22.37 lakh crore, higher from Rs 22.07 lakh crore in BE.
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.