NEW DELHI: The government’s earnings from direct taxes have recorded an increase in the current financial year. According to data from the Central Board of Direct Taxes (CBDT), net direct tax collection rose 13 per cent to over ₹12.12 lakh crore till September 17.
After adjusting for refunds, net direct tax collection stood at ₹12.12 lakh crore, which is 12.96 per cent higher than ₹10.73 lakh crore during the same period last year. This includes corporate tax, non-corporate tax and Securities Transaction Tax (STT).
Tax refunds also rise
According to the data, gross direct tax collection rose 15.19 per cent to ₹14.32 lakh crore till September 17. Tax refunds issued during this period also increased. The government issued refunds of more than ₹2.20 lakh crore during this period, which is 29.19 per cent higher than last year.
Sharp rise in advance tax collection
Advance tax made a significant contribution to the increase in direct tax collection. Total advance tax collection rose 16.18 per cent to about ₹5.22 lakh crore. Advance tax paid by corporate companies increased by 18 per cent and stood at more than ₹4.16 lakh crore. Meanwhile, non-corporate advance tax collection rose 9.24 per cent to ₹1.06 lakh crore.
Major increase in corporate tax collection
On a net basis, corporate tax collection registered a growth of 19.48 per cent. It rose from ₹4.65 lakh crore last year to about ₹5.56 lakh crore. Meanwhile, non-corporate tax collection, which includes individual taxpayers and Hindu Undivided Families (HUFs), rose 6 per cent to more than ₹6.16 lakh crore. In the same period last year, it stood at ₹5.81 lakh crore.
Securities Transaction Tax up 53%
Net earnings from the Securities Transaction Tax (STT) linked to the stock market also rose sharply. Between April 1 and September 17, STT collection rose 53 per cent to ₹40,214.36 crore. In the same period last year, it was ₹26,305.72 crore. Meanwhile, net earnings from other taxes remained marginally negative at ₹-0.20 crore. In the same period last year, it stood at ₹280.51 crore.
Includes tax received from companies and individuals
On a gross basis, corporate tax collection rose to ₹6.95 lakh crore, compared with ₹5.96 lakh crore last year. Non-corporate tax collection also rose to ₹6.98 lakh crore, up from ₹6.21 lakh crore last year. These direct tax figures include taxes deposited by companies as well as individual taxpayers, Hindu Undivided Families, firms, associations of persons, local bodies and other legal entities.
