India's Apr-Nov net direct tax collection rises 15.4% to ₹12.1 lakh cr

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The securities transaction tax rose 90% to ₹35,923 crore as of November 10, 2024, up from ₹18,909 crore during the same period last year.
India's Apr-Nov net direct tax collection rises 15.4% to ₹12.1 lakh cr
This month, the data released classifies taxes into corporate, non-corporate, securities transactions and other taxes. Credits: Fortune India

India’s net direct tax collection surged 15.4% year-on-year to ₹12.1 lakh crore ($143 billion) between April 1 and November 10, up from ₹10.48 lakh crore during the same period last year, according to the latest data released by the government.

Gross direct tax collections, comprising corporate and personal income taxes, grew over 21% to ₹15.02 lakh crore from last year’s ₹12.39 lakh crore. It includes corporate tax contributions of ₹5.10 lakh crore and personal income taxes amounting to ₹6.62 lakh crore, along with other taxes totalling ₹35,923 crore. The government also issued tax refunds worth ₹2.92 lakh crore during the period, marking a 53% increase compared to the previous year.

Direct taxes are imposed on an individual’s income or profit and are paid directly to the government without intermediaries. Examples include income tax, property tax, corporate tax, wealth tax, gift tax, securities transaction tax, and capital gains tax. This month, the data released classifies taxes into corporate, non-corporate, securities transactions and other taxes. Personal taxes classified as non-corporate taxes cover payments by individuals, Hindu Undivided Families (HUFs), firms, associations of persons, bodies of individuals, local authorities, and other juridical entities.

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Robust tax collection is crucial for the government to meet its fiscal deficit target, set at 4.9% of GDP for FY25 in the July budget. The Centre has projected direct tax revenues of ₹22.12 lakh crore for the current fiscal, a 13% increase over last year.

The government issued refunds of ₹1.49 lakh crore, accounting for over 22% of corporate tax collections, up from 14% or ₹80,577 crore last year. Refunds on non-corporate taxes accounted for 18% of gross collections, totalling ₹1.41 lakh crore, a 28% increase from last year’s ₹1.09 lakh crore.

The securities transaction tax rose 90% to ₹35,923 crore as of November 10, 2024, up from ₹18,909 crore during the same period last year. However, other taxes declined by 2%, from ₹2,442 crore a year ago to ₹2,394 crore this year.

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