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Net direct tax collection grows 16.45% to Rs 15.82 lk cr so far, this fiscal
India's net direct tax collections surged by 16.45% to over Rs 15.82 lakh crore this fiscal year, fueled by robust growth in both corporate and non-corporate tax segments. Gross direct tax collections also jumped by 20.32% to Rs 19.21 crore, while refunds increased by 42.49% to Rs 3.38 lakh crore. Non-corporate tax collections witnessed particularly strong growth.
The net direct tax collections for this fiscal year so far have recorded robust growth, rising by 16.45% year-on-year to over Rs 15.82 lakh crore, according to the latest government data.
The gross direct tax collections, before refunds, saw a robust 20.32% growth year-on-year, rising from Rs 15.96 lakh crore in FY 2023-24 to Rs 19.21 crore. Refunds issued during this period stood at Rs 3.38 lakh crore, an increase of 42.49%.
Segment-wise, corporate tax (CT) collections performed steadily, with gross collections reaching Rs 9.24 lakh crore, up from Rs 7.90 lakh crore last year. After refunds, the net corporate tax collections stood at Rs 7.42 lakh crore, compared to Rs 6.83 lakh crore in the corresponding period last fiscal.
Non-corporate tax (NCT), which primarily includes personal income tax, showed strong momentum. Gross collections climbed to Rs 9.53 lakh crore, compared to Rs 7.81 lakh crore last year. Net collections for this segment grew significantly to Rs 7.97 lakh crore from Rs 6.50 lakh crore.
Corporate tax, personal income tax, securities transaction tax, equalization levy, fringe benefits tax, wealth tax, banking cash transaction tax, hotel receipt tax, interest tax, expenditure tax, estate duty, and gift tax fall under the realm of direct taxes.
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