Net direct tax collection grows 23% to ₹8.11 lakh cr on slower refunds, higher non-corp taxes
India's net direct tax collection grew by 23% to ₹8.11 lakh crore by August 10, driven by higher non-corporate tax revenues and a slowdown in tax refunds. While personal income tax and Securities Transaction Tax saw significant growth, corporate tax collection showed more modest gains.
Why it matters
Tax collection figures are a key indicator of the country's fiscal health and economic performance.
The net direct tax collection grew 23% to over ₹8.11 lakh crore till August 10 in the current fiscal, on slower refunds and higher mop-up from non-corporate taxes.
The net corporate tax collection rose about 20% to about ₹2.70 lakh crore, while non-corporate tax (which includes personal income tax) mop-up rose 23% to ₹5.07 lakh crore. Revenues from Securities Transaction Tax (STT) jumped 51% to ₹33,824 crore between April 1 and August 10.
Refund issuances, however, slowed during the year with a meagre 3.8% year-on-year growth to ₹1.43 lakh crore.
Gross direct tax collection (which includes corporate, personal income tax and STT) recorded 19.75% growth till August 10 to about ₹9.55 lakh crore.
On a gross basis, corporate tax collection stood at over ₹3.80 lakh crore, non-corporate tax revenues were ₹5.40 lakh crore, and STT was ₹33,824 crore.
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