India's Net Direct Tax Collections Surge 18.35 Per Cent To Rs 11.25 Lakh Crore In April-October 2024

India's net direct tax collections rose 18.35 per cent year-on-year to Rs 11.25 lakh crore, government data showed on Friday (11 October).

The collection Included Corporate tax of Rs 4.94 lakh crore and personal income tax of Rs 5.98 lakh crore.

Securities Transaction Tax (STT) stood at Rs 30,630 crore, while other taxes (including equalisation levy and gift tax) earned Rs 2,150 crore.

The gross direct tax collection was at Rs 13.57 lakh crore, including Rs 6.11 lakh crore in corporate tax and Rs 7.13 lakh crore in personal income tax.

Refunds worth around Rs 2.31 lakh crore were issued between 1 April and 10 October, a growth of 46 per cent.

The corporate tax refund stood at over Rs 1.16 lakh crore and that for personal income tax was more than Rs 1.14 lakh crore.

During the same period in 2023-24, the net collection was Rs 9.51 lakh crore.

Net direct tax revenue of Rs 11.26 lakh Crores, collected as of 10 October,  accounts for more than half of the Rs 22 lakh crore budgeted for this financial year, indicating that revenue collection was on a strong footing.

Revenue receipts are of two types — non-tax revenue and tax revenue.

Taxes collected from both direct tax and indirect tax are the government’s tax revenue.

Direct tax is the tax that is paid directly to the government by the person or company on whom it is levied.

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