Net direct tax collection up over 16.45% at Rs 15.82 lakh crore

Securities Transaction Tax (STT) collection stood at Rs 40,114 crore till Dec 17

India's net direct tax collections have grown 16.45 percent to Rs 15.82 lakh crore in the current financial year from Rs 13.59 lakh crore in the year-ago period, the income tax department has said.

The Central Board of Direct Taxes (CBDT) said net direct tax collection of Rs 15.82 lakh crore, until December 17, includes corporate tax at Rs 7.42 lakh crore (net of refund), non-corporate tax at Rs 7.97 lakh crore and securities transaction tax at Rs  40,114 crore (net of refund).

Direct taxes, which are levied on the income or profit of a person, are directly paid by an individual to the government. Common examples of direct taxes are income tax, property tax, corporate tax, wealth tax, gift tax, security transaction tax, and capital gains tax.

The government issued direct tax refunds of Rs 3.38 lakh crore till December 17, an increase of 42.49 percent in the corresponding period of 2023-24.

The total advance tax collection, including corporate and non-corporate tax, grew 20.9 percent at Rs 7.56 lakh crore from the previous fiscal. While the non-corporate tax collection grew 35 percent growth in advance tax, corporate tax grew by only 16.71 percent.

Tax collection is significant since it helps the government meet its fiscal deficit target. The Centre set a 4.9 percent fiscal deficit target for FY25 in the July budget.

On gross basis, before adjusting refunds, the direct tax collection was at Rs 19.21 lakh crore till December 17, a 20.32 percent growth over the year-ago period.