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Net direct tax collection rises 13% to Rs 12.12 lakh crore
In Short
India's net direct tax collection rose 13 percent to over Rs 12.12 lakh crore till September 17, driven by strong corporate advance tax payments and higher STT collections, according to CBDT data.
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Net direct tax collection rises 13% to Rs 12.12 lakh crore
New Delhi: The government's net direct tax collection rose 13 per cent to over Rs 12.12 lakh crore till September 17 in the current financial year, buoyed by better advance tax mop-up from corporates, data released by CBDT on Friday showed.
Advance tax mop-up grew 16.18 per cent to about Rs 5.22 lakh crore. This includes an 18 per cent growth, at over Rs 4.16 lakh crore, in advance tax payments by corporates, and a 9.24 per cent rise in non-corporate advance tax of Rs 1.06 lakh crore.
Refund issuance jumped 29.19 per cent to over Rs 2.20 lakh crore till September 17, as per the Central Board of Direct Taxes (CBDT) data.
Gross direct tax collection clocked a 15 per cent growth, totalling over Rs 14.32 lakh crore. After adjusting refunds, net collections from direct taxes (which includes corporate, non corporate, STT) registered a 12.96 per cent growth at over Rs 12.12 lakh crore. Net corporate tax mop-up rose 19.48 per cent to about Rs 5.56 lakh crore, while non-corporate tax (individuals and HUFs) mop-up increased 6 per cent to over Rs 6.16 lakh crore. Securities Transactions Tax (STT) collection grew 53 per cent to Rs 40,214 crore between April 1 and September 17.
