As of October 10, India’s net direct tax collection has shown a strong 18.3% growth, reaching Rs 11.25 trillion. This growth indicates healthy economic activity, reflecting an increase in both personal and corporate tax collections.
According to government data, here is the division of the tax collected so far:
Personal Income Tax (PIT): Rs 5.98 trillion
Corporate Tax: Rs 4.94 trillion
Securities Transaction Tax (STT): Rs 30,630 crore
Other Taxes (including equalisation levy and gift tax): Rs 2,150 crore
This year’s tax collection is an improvement from the previous fiscal year, when the income tax department collected Rs 9.51 trillion by the same date.
The income tax department has also processed and issued refunds worth Rs 2.31 trillion between April 1 and October 10, marking a 46% increase from last year. The increase in refunds indicates the department’s efforts to process refunds more quickly for taxpayers.
On a gross basis, direct tax collection grew by an even higher 22.3%, totaling Rs 13.57 trillion. This includes Rs 7.13 trillion in personal income tax and Rs 6.11 trillion in corporate tax.
For the current fiscal year, the government has set a target to collect Rs 22.07 trillion in direct taxes. With the growth seen so far, India is well on its way to achieving this goal.
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