India’s net direct tax collection surges 18.3% to ₹11.25 lakh crore

PTI Updated - October 11, 2024 at 07:17 PM.

 On a gross basis, direct tax collections rose by 22.3%, totalling ₹13.57 lakh crore. The government aims to collect ₹22.07 lakh crore in direct taxes for the current fiscal year

India’s net direct tax collection for the fiscal year up to October 10 has increased by 18.3%, reaching approximately ₹11.25 lakh crore, according to government data released on Friday. | Photo Credit:

Net direct tax collection grew 18.3 per cent to about ₹11.25 lakh crore as of October 10 this fiscal, government data showed on Friday.

The mop-up includes personal income tax collection of ₹5.98 lakh crore and corporate tax collection of ₹4.94 lakh crore. Securities Transaction Tax (STT) stood at ₹30,630 crore, while other taxes (including equalisation levy and gift tax) earned ₹2,150 crore.

The income tax department had collected ₹9.51 lakh crore during the same period a year ago.

Refunds worth ₹2.31 lakh crore were issued between April 1 and October 10, a growth of 46 per cent.

On a gross basis, direct tax collection grew 22.3 per cent to ₹13.57 lakh crore. The collection includes PIT (personal income tax) of ₹7.13 lakh crore and corporate tax of ₹6.11 lakh crore.

The government has budgeted to collect ₹22.07 lakh crore in the current fiscal from direct taxes.

Published on October 11, 2024 13:47

This is a Premium article available exclusively to our subscribers.

Subscribe now to and get well-researched and unbiased insights on the Stock market, Economy, Commodities and more...

You have reached your free article limit.

Subscribe now to and get well-researched and unbiased insights on the Stock market, Economy, Commodities and more...

You have reached your free article limit.
Subscribe now to and get well-researched and unbiased insights on the Stock market, Economy, Commodities and more...

TheHindu Businessline operates by its editorial values to provide you quality journalism.

This is your last free article.