India’s net direct tax collection rose 13% to more than Rs 12.12 lakh crore between April 1 and September 17 of the current fiscal, driven by higher advance tax collections, according to the latest data released by the Central Board of Direct Taxes (CBDT).
Key Highlights
- Net direct tax collection rose 13% to Rs 12.12 lakh crore through September 17, supported by higher advance tax receipts.
- Corporate tax collections increased 19.48%, while advance tax collections grew 16.18% during the current fiscal year.
Corporate tax collection increased 19.48% to around Rs 5.56 lakh crore, while non-corporate tax collections, including those from individuals and Hindu Undivided Families (HUFs), grew 6% to more than Rs 6.16 lakh crore.
Advance Tax Collection Rises 16.18%
Advance tax collections increased 16.18% to approximately Rs 5.22 lakh crore during the period under review. Advance corporate tax payments grew 18% to more than Rs 4.16 lakh crore.
Meanwhile, non-corporate advance tax collections rose 9.24% to Rs 1.06 lakh crore.
Gross direct tax collections recorded a stronger 15% growth, reaching more than Rs 14.32 lakh crore during the period.
The increase in tax collections comes alongside a rise in Securities Transactions Tax (STT) revenue. STT collections grew 53% to Rs 40,214 crore between April 1 and September 17.
Tax Refunds Rise 29.19%
The government also issued higher tax refunds during the period. Refund issuance increased 29.19% to more than Rs 2.20 lakh crore, according to the CBDT data.
The rise in refunds has contributed to the difference between gross and net direct tax collections. Despite higher refunds, net direct tax revenue continued to record double-digit growth during the first part of the fiscal year.
Also Read: GST Collections Jump 14.8% YoY to Nearly Rs 2 Trillion in August
GST Collections Near Rs 2 Lakh Crore
Meanwhile, India’s gross Goods and Services Tax (GST) collections increased 14.8% year-on-year to Rs 1,99,853 crore in August, according to official data released on September 1.
Net GST collections rose 8.3% year-on-year to Rs 1.68 lakh crore in August, compared with Rs 1.55 lakh crore in the same month last year. However, total GST refunds surged 67.9% to Rs 31,795 crore from Rs 18,935 crore a year earlier.
GST revenue from domestic transactions increased 9.3% year-on-year to more than Rs 1.37 lakh crore. Revenue from imports rose 29% to Rs 62,604 crore.
Gross Central GST (CGST) collections stood at Rs 38,413 crore, while State GST (SGST) collections reached Rs 46,316 crore. Integrated GST (IGST) collections exceeded Rs 1.15 lakh crore during August.
The latest direct tax collections data points to continued growth in both direct and indirect tax collections, with advance tax payments and corporate tax receipts contributing to the increase in direct tax revenue.
