Strong Advance Tax Receipts Drive Growth

India's net direct tax collection has seen a significant year-on-year increase of 16.45%, reaching Rs 15.82 lakh crore by December 17 in the current fiscal year. This surge is largely attributed to stronger advance tax receipts.

The total collection is composed of Rs 7.42 lakh crore in corporate tax and Rs 7.97 lakh crore in non-corporate tax revenue. Notably, advance tax collection rose by 21%, amounting to Rs 7.56 lakh crore.

Meanwhile, during April 1-December 17 of the current fiscal year, Securities Transaction Tax (STT) collection reached Rs 40,114 crore. The authorities also issued refunds totaling Rs 3.39 lakh crore in this period, marking a 42.49% year-on-year increase.

The gross direct tax collection, which includes corporate tax, personal income tax, and STT, reached Rs 19.21 lakh crore, reflecting a 20.32% growth compared to the collection during the same period in 2023.