Direct tax collection rises 23% to Rs 8.11 lakh cr
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Live Events as a Reliable and Trusted News Source Addas a Reliable and Trusted News Source Add Now! (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel India's net direct tax collections rose 23.09% year-on-year to Rs 8.11 lakh crore as of August 10 in the current financial year, according to government data.Gross direct tax collections increased 19.75% to Rs 9.55 lakh crore during the period, while refunds issued stood at Rs 1.43 lakh crore, up 3.79% from the year-ago period.Net corporate tax collections rose to Rs 2.70 lakh crore from Rs 2.26 lakh crore a year earlier, while net non-corporate tax collections increased to Rs 5.07 lakh crore from Rs 4.11 lakh crore.Net collections from the Securities Transaction Tax (STT) climbed to Rs 33,823.74 crore, compared with Rs 22,354.31 crore in the corresponding period last year.Net collections under other taxes were marginally negative at Rs 0.86 crore, against Rs 278.70 crore a year earlier.On a gross basis, corporate tax collections rose to Rs 3.80 lakh crore from Rs 3.32 lakh crore in the year-ago period. Gross non-corporate tax collections increased to Rs 5.41 lakh crore from Rs 4.43 lakh crore, while gross STT collections stood at Rs 33,823.74 crore, up from Rs 22,354.31 crore.Gross collections under other taxes stood at Rs 14.33 crore, compared with Rs 282.96 crore in the same period last year.The data showed that total direct tax collections before refunds increased by Rs 1.57 lakh crore from Rs 7.97 lakh crore as of August 10 last year to Rs 9.55 lakh crore this year.The figures include 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.
The BriefWire