In a remarkable fiscal development, India’s net direct tax collections from April 1 to December 17 have witnessed an impressive year-on-year growth of 20.7%, soaring to Rs 13.70 lakh crore, as per provisional data released by the Ministry of Finance.
Within the overall direct tax collections, the corporate tax mop-up accounted for a substantial Rs 6.95 lakh crore, while personal income tax and securities transaction tax collectively amounted to Rs 6.73 lakh crore. Refunds totaling Rs 2.25 lakh crore have already been issued in the ongoing fiscal year, as stated by the finance ministry on December 18.
Before factoring in refunds, gross direct tax collections for the period of April 1 to December 17 reached Rs 15.96 lakh crore, marking a significant 17% increase compared to the previous year. Among these figures, gross corporate tax collections stood at Rs 7.90 lakh crore, while gross personal income tax and securities transaction tax amounted to Rs 8.03 lakh crore, as disclosed by the ministry in a statement on December 18.
It’s worth noting that these robust tax collections outpace the budget forecast for the fiscal year 2023-24, which projected a growth of 10.5% in direct tax collections, aiming to reach Rs 18.2 lakh crore.
