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India’s Direct Tax Collections Surge 20.32% to Rs 19.21 Lakh Crore

India's net direct tax collections grew 16.45% year-on-year to Rs 15.82 lakh crore by December 17, fueled by a 21% rise in advance tax collections, which totaled Rs 7.56 lakh crore. Gross direct tax collections, including corporate tax, personal income tax, and STT, surged 20.32% to Rs 19.21 lakh crore.

Net direct tax collection grew 16.45 per cent year-on-year to over Rs 15.82 lakh crore till December 17 this fiscal, buoyed by higher advance tax mop-up, government data showed.

Advance tax collection during the period rose 21 per cent to Rs 7.56 lakh crore. The collection includes corporate tax of over Rs 7.

42 lakh crore and non-corporate tax mop-up of Rs 7.97 lakh crore. Securities Transaction Tax (STT) of Rs 40,114 crore was collected between April 1-December 17 of current fiscal year.

Refunds worth Rs 3.39 lakh crore were issued during the period, registering a growth of 42.49 per cent year-on-year.

Gross direct tax collection, which includes corporate, personal income tax and STT stood at over Rs 19.21 lakh crore, a 20.32 per cent growth over the collection in April 1-December 17, 2023.

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