NEW DELHI: Direct tax collections rose nearly 20% to Rs 20.6 lakh crore during the fiscal year up to Jan 12 with non-corporate tax, including personal income tax, outpacing corporation tax.
The latest data released by the Central Board of Direct Taxes estimated that refunds had increased over 42% to Rs 3.7 lakh crore, resulting in a 15.9% rise in net direct tax collections to Rs 16.9 lakh crore.
On a gross basis, the corporation tax mop-up rose 16.5% to Rs 9.7 lakh crore, while non-corporate tax was 21.7% higher at a little under Rs 10.5 lakh crore. Non-corporate tax includes tax paid by individuals, HUFs, firms and local authorities, among others.
Securities transaction tax (STT) collections jumped 75% to Rs 44,538 crore between April 2024 and Jan 12.
During the current fiscal year, the Centre has budgeted to collect just over Rs 22 lakh crore from income and corporation tax. So far, direct tax collections have been strong, even though GST growth has slowed down a tad in recent months. With tax collections by and large on course, and spending being lower than expected, the Centre is on track to meet its fiscal deficit target of 4.9% of GDP.
