India Witnesses a Significant Boost in Direct Tax Collections

NEW DELHI: In a remarkable financial upturn, India's net direct tax collection has seen a substantial increase of 15.88%, amassing approximately Rs 16.90 lakh crore in the current fiscal year, as per the latest government data released on Monday.

Breakdown of Tax Collections

The Central Board of Direct Taxes (CBDT) disclosed that the collection from net non-corporate taxes, primarily personal income tax, has surpassed Rs 8.74 lakh crore. Meanwhile, the net corporate tax collection from April 1, 2024, to January 12, 2025, stood at around Rs 7.68 lakh crore. Additionally, the net collections from the securities transaction tax (STT) have reached Rs 44,538 crore this fiscal year.

Refunds and Gross Collections

Refunds amounting to over Rs 3.74 lakh crore were issued during this period, marking a 42.49% increase compared to the previous year. The gross direct tax collection between April 1 and January 12 soared by 20%, exceeding Rs 20.64 lakh crore. The government has set a target to collect Rs 22.07 lakh crore from direct taxes in the current fiscal, including Rs 10.20 lakh crore from corporate taxes and Rs 11.87 lakh crore from personal income tax and other taxes.