India’s Net Direct Tax Collection Rises 13% to Over Rs 12.12 Lakh Crore Till September 17, Corporate Tax Revenue Jumps Nearly 19.5%:

The government’s net direct tax collection increased 13% to more than Rs 12.12 lakh crore between April 1 and September 17 of the current financial year, according to the latest data released by the Central Board of Direct Taxes (CBDT) on Friday.

Corporate tax collection recorded a strong rise of 19.48% to around Rs 5.56 lakh crore during the period. Meanwhile, non-corporate tax collection, which mainly includes taxes paid by individuals and Hindu Undivided Families (HUFs), grew 6% to more than Rs 6.16 lakh crore.

Securities Transactions Tax (STT) collection also saw a significant increase, rising 53% to Rs 40,214 crore between April 1 and September 17. The rise in tax collections comes amid higher advance tax payments during the period.

The government’s gross direct tax collection grew 15% to more than Rs 14.32 lakh crore. However, tax refunds issued during the period also increased substantially, rising 29.19% to over Rs 2.20 lakh crore.

Advance tax collection, which is paid by taxpayers during the financial year based on their estimated tax liability, increased 16.18% to around Rs 5.22 lakh crore till September 17. Advance corporate tax payments rose 18% to over Rs 4.16 lakh crore, while non-corporate advance tax payments increased 9.24% to Rs 1.06 lakh crore.