Politics · India Bureau
India's direct tax collection surges 13% to ₹12.12 trillion
Direct tax revenues jumped 13 percent to ₹12.12 trillion through mid-September as corporate tax collections and advance tax payments accelerated. The strong performance reflects robust economic activity and improved tax compliance.
LSN India ·
India's net direct tax collection climbed to ₹12.12 lakh crore in the first 4.5 months of the current fiscal year ending March 2024, marking a robust 13 percent increase year-on-year, according to data released by the Central Board of Direct Taxes (CBDT) on Friday.
Corporate tax collection emerged as a significant growth driver, surging 19.48 percent to approximately ₹5.56 lakh crore during the April 1 to September 17 period. Non-corporate tax receipts, comprising individual and Hindu Undivided Family (HUF) contributions, increased more modestly at 6 percent to exceed ₹6.16 lakh crore. Securities Transaction Tax collections demonstrated exceptional growth, nearly tripling with a 53 percent jump to ₹40,214 crore.
Advance tax payments, typically filed by businesses and salaried professionals, expanded 16.18 percent to approximately ₹5.22 lakh crore. Corporate advance tax payments grew 18 percent to over ₹4.16 lakh crore, while non-corporate advance tax payments registered a 9.24 percent increase.
Refund issuances accelerated significantly, climbing 29.19 percent to exceed ₹2.20 lakh crore during the same period. On a gross basis, before accounting for refunds, direct tax collection reached ₹14.32 lakh crore, reflecting 15 percent growth compared to the corresponding period last year.
The strong tax collection performance signals expanding economic activity and improved compliance, providing additional revenue to support government expenditure and infrastructure development initiatives.