Net direct tax collection rises 13% to ₹12.12 lakh crore till September 17
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The government's net direct tax collection rose 13% to over ₹12.12 lakh crore till September 17 of the current fiscal, driven by higher advance tax collections, according to the latest data released on Friday.
Corporate tax mop-up grew 19.48% to about ₹5.56 lakh crore while non-corporate tax collections, including those from individuals and Hindu Undivided Families (HUFs), increased 6% to over ₹6.16 lakh crore.
Securities Transactions Tax (STT) collection grew 53% to ₹40,214 crore between April 1 and September 17. Refund issuance also jumped 29.19% to over ₹2.20 lakh crore during the period, the data released by the Central Board of Direct Taxes (CBDT) showed.
Gross direct tax collection recorded a 15% growth, totalling over ₹14.32 lakh crore.
Advance tax collections rise 16.18%
Advance tax collections till September 17 increased 16.18% to about ₹5.22 lakh crore. This included an 18% rise in advance corporate tax payments to over ₹4.16 lakh crore, and a 9.24% increase in non-corporate advance tax payments to ₹1.06 lakh crore.
GST collections near ₹2 lakh crore
Meanwhile, India's gross Goods and Services Tax (GST) collections rose 14.8% year-on-year to ₹1,99,853 crore in August, according to official data released on September 1.
Net GST collections increased 8.3% year-on-year to ₹1.68 lakh crore in August, compared with ₹1.55 lakh crore in the corresponding month last year. Total refunds, however, surged 67.9% to ₹31,795 crore during the month, from ₹18,935 crore a year earlier.
GST revenue from domestic transactions grew 9.3% year-on-year to more than ₹1.37 lakh crore, while revenue from imports rose 29% to ₹62,604 crore.
Gross Central GST (CGST) collection stood at ₹38,413 crore, while State GST (SGST) collections amounted to ₹46,316 crore. Integrated GST (IGST) collections were more than ₹1.15 lakh crore during August. The latest data puts gross monthly GST collections close to the ₹2-lakh crore mark, driven by growth in both domestic collections and overall revenue.