India's Net Tax Collection Grows 18% To Rs 11.26 Lakh Crore So Far This Fiscal
Gross tax collection between Apr. 1 and Oct. 1 has climbed by 22.3% to Rs 13.57 lakh crore.
India's net tax collection has grown by around 18% so far in this fiscal, as per the data shared by the Central Board of Direct Taxes on Friday.
As of Oct. 10, the net tax collection stood at Rs 11.26 lakh crore, 18.35% higher as compared to Rs 9.51 lakh crore in the same period last year.
Refunds amounting to Rs 2.31 lakh crore were released during this period, registering a growth of 46% year-on-year.
Personal income tax accounted for the bulk of the net tax collection at Rs 5.98 lakh crore. In the same period last year, it stood at Rs 4.88 lakh crore.
Corporate tax collected till Oct. 10 of this fiscal stood at Rs 4.94 lakh crore, as against Rs 4.44 lakh crore in the year-ago period.
The mop-up of securities transaction tax nearly doubled to Rs 30,630 crore from Rs 16,373 crore in the corresponding period of the past fiscal.
Gross Collection Up 22.3%
The gross tax collection between Apr. 1 and Oct. 1 has climbed by 22.3% to Rs 13.57 lakh crore. It stood at Rs 11.09 lakh crore in the year-ago period.
This comprised a jump in gross personal income tax collection to Rs 7.13 lakh crore from Rs 5.79 lakh crore in the corresponding period of the past fiscal.
The gross corporate tax collection rose to Rs 6.11 lakh crore from Rs 5.11 lakh crore in the year-ago period.
Notably, the Centre has set a target to raise 22.07 lakh crore from direct taxes in fiscal 2025, which is up 13% over the past fiscal. With a net tax mop-up of Rs 11.26 lakh crore, around half of the target has been met so far.
