India's net direct tax collection rises 15.4% in April-November

Tax collection

The Union government's net direct tax collection grew 15.4 percent on year to Rs 12.1 lakh crore rupees ($143 billion) during the period April 1-November 10, according to a statement.

Direct taxes, which include corporate and personal tax, grew over 21 percent to Rs 15 lakh crore on a gross basis during the period, the statement issued by the income tax department said.

The government said it had issued tax refunds of Rs 2.9 lakh crore.

Healthy tax collection is significant since it helps the government meet its fiscal deficit target for a particular year. The Centre targeted a 4.9 percent fiscal deficit target for FY25 in the July budget.

Direct taxes, which are levied on the income or profit of a person, are directly paid by an individual to the government without any intermediaries.

Common examples of direct taxes are income tax, property tax, corporate tax, wealth tax, gift tax, security transaction tax, and capital gains tax.