India's net direct tax collections have recorded a robust 13% increase, reaching over ₹12.12 lakh crore by September 17 of the current financial year. This positive fiscal development was announced by the Central Board of Direct Taxes (CBDT) on Friday.
After accounting for refunds, the net direct tax collections, which encompass corporate tax, non-corporate tax, and Securities Transaction Tax (STT), stood at ₹12.12 lakh crore. This represents a 12.96% rise compared to the same period last year, underscoring a healthy growth trajectory in the nation's tax revenue.
Strong Gross Collections and Advance Tax Performance
During the April 1 to September 17 period, gross direct tax collections also saw a significant surge, climbing 15.19% to ₹14.32 lakh crore. While refunds issued during this time increased by 29.19% to over ₹2.20 lakh crore, the overall net collection remained strong.
A key contributor to this impressive collection was the better-than-expected advance tax mop-up, particularly from corporates. Total advance tax collections grew by 16.18% to approximately ₹5.22 lakh crore. Corporate advance tax payments alone rose by 18% to over ₹4.16 lakh crore, while non-corporate advance tax collections, covering individuals and Hindu Undivided Families (HUFs), increased by 9.24% to ₹1.06 lakh crore.
Category-Wise Tax Collection Insights
Breaking down the net collections further reveals varied performances across different tax categories:
- Corporate Tax: Net corporate tax collections demonstrated strong growth, rising 19.48% to about ₹5.56 lakh crore, up from ₹4.65 lakh crore in the previous year.
- Non-Corporate Tax: Net non-corporate tax collections, which include taxes from individuals and HUFs, increased by 6% to over ₹6.16 lakh crore from ₹5.81 lakh crore.
- Securities Transaction Tax (STT): Net collections from STT saw a remarkable jump of 53%, reaching ₹40,214.36 crore between April 1 and September 17, compared to ₹26,305.72 crore in the corresponding period last year.
- Other Taxes: Net collections under other tax categories were marginally negative at ₹-0.20 crore, a decrease from ₹280.51 crore a year earlier.
Gross Collections by Category
On a gross basis, the figures also reflect robust growth:
- Gross corporate tax collections increased to ₹6.95 lakh crore from ₹5.96 lakh crore.
- Gross non-corporate tax collections rose to ₹6.98 lakh crore from ₹6.21 lakh crore.
- Gross STT collections matched their net figure at ₹40,214.36 crore, up from ₹26,305.72 crore.
- Gross collections under other taxes stood at ₹17.12 crore, down from ₹297.14 crore in the same period last year.
The total direct tax collections before refunds reached ₹14.32 lakh crore as of September 17 this year, a significant increase from ₹12.44 lakh crore in the corresponding period last year. These figures encompass taxes paid by various entities, including companies, individuals, Hindu Undivided Families, firms, associations of persons, bodies of individuals, local authorities, and artificial juridical persons.