India's Direct Tax Collection Surges 22% to Rs 6.93 Lakh Crore
Aug 12, 2024 20:13
India's net direct tax collection rose by 22.48% to Rs 6.93 lakh crore in the current fiscal year, driven by strong personal and corporate income tax collections.
Illustration: Dominic Xavier/Rediff.com
New Delhi, Aug 12 (PTI) Net direct tax collection grew 22.48 per cent to about Rs 6.93 lakh crore as of August 11 this fiscal, government data showed on Monday.
The mop-up includes personal income tax collection of Rs 4.47 lakh crore and corporate tax collection of Rs 2.22 lakh crore. Securities Transaction Tax (STT) mopped up Rs 21,599 crore, while other taxes (which include equalisation levy and gift tax) earned Rs 1,617 crore.
Refunds worth Rs 1.20 lakh crore were issued between April 1 to August 11, a growth of 33.49 per cent.
On a gross basis, direct tax collection grew 24 per cent to Rs 8.13 lakh crore. The collection includes PIT (personal income tax) of Rs 4.82 lakh crore and corporate tax of Rs 3.08 lakh crore.
The government has budgeted to collect Rs 22.07 lakh crore in the current fiscal from direct taxes.
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