Net direct tax collections rise 13% to Rs 13.38 lakh crore till Oct 14

India’s net direct tax collections rose 13.21 per cent year-on-year to Rs 13.38 lakh crore as of October 14 in the current financial year (FY27), driven by higher corporate tax, non-corporate tax and Securities Transaction Tax (STT) receipts, according to data released by the Income Tax Department on Thursday.
Gross direct tax collections, before adjusting for refunds, increased 14.89 per cent to Rs 16.03 lakh crore, compared with Rs 13.95 lakh crore during the corresponding period of the previous financial year.Refunds issued by the Income Tax Department rose 24.22 per cent year-on-year to Rs 2.65 lakh crore, the official data showed.
Net corporate tax collections increased to Rs 5.99 lakh crore from Rs 4.97 lakh crore a year earlier. Meanwhile, net non-corporate tax collections, including taxes paid by individuals and other non-corporate entities, rose to Rs 6.92 lakh crore from Rs 6.54 lakh crore.
Collections from the Securities Transaction Tax registered strong growth, rising to Rs 46,840.43 crore from Rs 30,901.81 crore in the corresponding period last year.However, net collections under the other taxes category turned negative at Rs 1.64 crore, compared with positive collections of Rs 282.39 crore a year earlier.
On a gross basis, corporate tax collections increased to Rs 7.53 lakh crore from Rs 6.44 lakh crore in the year-ago period. Gross non-corporate tax collections rose to Rs 8.03 lakh crore from Rs 7.20 lakh crore, while gross STT receipts climbed to Rs 46,840.43 crore from Rs 30,901.81 crore.Gross collections under the other taxes category, however, declined to Rs 18.87 crore from Rs 301.22 crore in the corresponding period of the previous financial year.The direct tax figures cover taxes paid by companies, individuals, Hindu Undivided Families (HUFs), firms, associations of persons (AoPs), bodies of individuals (BoIs), local authorities and artificial juridical persons.

(Business Correspondent)