India's Net Direct Tax Collections Rise 13.2 Pc To Rs 13.38 Lakh Crore

(MENAFN- IANS) Mumbai, Oct 15 (IANS) India's net direct tax collections grew 13.21 per cent year-on-year (YoY) 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 during the period, compared with Rs 13.95 lakh crore collected in the corresponding period of the previous financial year.

Refunds issued by the tax department also registered a sharp increase, rising 24.22 per cent to Rs 2.65 lakh crore from a year earlier, as per the official data.

Net corporate tax collections stood at Rs 5.99 lakh crore, up from Rs 4.97 lakh crore in the year-ago period. Net collections from non-corporate taxes, which include taxes paid by individuals and other non-corporate entities, increased to Rs 6.92 lakh crore from Rs 6.54 lakh crore.

Receipts from the Securities Transaction Tax (STT) witnessed robust growth during the period. Net STT collections rose to Rs 46,840.43 crore, compared with Rs 30,901.81 crore collected in the corresponding period last year.

Net collections under the category of other taxes, however, turned negative at Rs 1.64 crore, against positive collections of Rs 282.39 crore a year ago.

On a gross basis, corporate tax collections climbed to Rs 7.53 lakh crore from Rs 6.44 lakh crore in the same period of the previous financial year. Gross non-corporate tax collections rose to Rs 8.03 lakh crore, compared with Rs 7.20 lakh crore a year earlier.

Gross STT collections also increased significantly to Rs 46,840.43 crore from Rs 30,901.81 crore in the year-ago period, while gross collections under other taxes stood at Rs 18.87 crore, lower than Rs 301.22 crore recorded a year earlier.

The direct tax data covers taxes paid by companies as well as individuals, Hindu Undivided Families (HUFs), firms, associations of persons (AoPs), bodies of individuals (BoIs), local authorities and artificial juridical persons.

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