Business · India Bureau
India's direct tax collection surges 13.2% to ₹13.38 trillion through mid-October
Gross direct tax collections have climbed 14.9% to ₹16.03 trillion in the current fiscal year, though a sharp rise in refunds has tempered net collections. Securities transaction tax receipts have meanwhile more than doubled year-on-year.
LSN India ·
India's net direct tax collections reached ₹13.38 trillion as of October 14, marking a robust 13.2% increase compared to the same period last fiscal year, according to latest figures from the tax administration.
Gross direct tax receipts surged 14.9% to ₹16.03 trillion during the period, reflecting improved economic activity and compliance. However, this growth was partially offset by a substantial 24.2% jump in tax refunds, which climbed to ₹2.65 trillion, resulting in a moderated net collection figure.
Securities transaction tax (STT) proved to be a standout performer, with collections surging 51.6% year-on-year to ₹46,840 crore. The sharp increase in STT receipts suggests heightened activity in the equity markets during the period.
The figures underscore the government's expanded tax base and improved collection efficiency as the nation progresses through the fiscal year ending March 31, 2025. The rise in refunds, while substantial, reflects enhanced processing of taxpayer claims and compliance with statutory timelines.