Direct Tax Kitty Swells 15.4% To Rs 12.1l Cr

New Delhi: India’s net direct tax collections, comprising corporate tax and personal income tax, shot up by a robust 15.4 per cent to Rs12.1 lakh crore, from April 1 to November 10 during the current financial year, according to the latest figures released by the Central Board of Direct Taxes (CBDT).

On a gross basis, direct taxes surged by over 21 per cent to Rs15 lakh crore during the period. The government issued tax refunds of Rs2.9 lakh crore which is a 53 per cent increase over the same period last year.

Net corporate tax collections of Rs5.10 lakh crore and non-corporate taxes, such as Rs6.62 lakh crore paid by individuals, HUFs, and firms. A total of Rs35,923 crore was collected from other taxes, including the Equalisation Levy and gift tax.

The government has fixed a target to collect Rs22.12 lakh crore from direct taxes during 2024-25 which represents a 13 per cent increase over the corresponding figure of the previous financial year.

The double digit surge in tax collections reflects the strong fiscal position of the country driven by robust economic growth. It also comes on top of the high growth in 2023-24 when net direct tax collections had exceeded the Union Budget Estimates by Rs1.35 lakh crore or 7.4 per cent.

The target for direct collections was fixed at Rs18.23 lakh crore in the Union Budget for 2023-24 and later increased to at Rs19.45 lakh crore in the Revised Estimates (RE).