India's Direct Tax Collections See Significant Growth

India's net direct tax collections have experienced a substantial increase, growing by 13.13% to over Rs 21.26 lakh crore in the current fiscal year. This remarkable growth is primarily due to higher advance tax collections.

Advance Tax Collection Breakdown

Advance tax collections have shown a significant uptick, with the government collecting Rs 10.44 lakh crore from four instalments, compared to Rs 9.11 lakh crore in the previous fiscal, marking a 14.62% growth.

Corporate and Non-Corporate Tax Collections

Corporate tax collections rose by 12.54%, reaching Rs 7.57 lakh crore, while non-corporate tax collections, including personal income tax, saw a more significant increase of 20.47%, totalling Rs 2.87 lakh crore.

Revised Estimates for Direct Tax Collections

The government has revised its income tax collection estimate to Rs 12.57 lakh crore, higher than the initial budget estimate. The STT collection estimate has also been revised upward to Rs 55,000 crore.