The Centre’s direct tax collections, after refunds, rose 15.9% year-on-year to Rs 16.9 lakh crore in the current fiscal till January 12, according to data released by the Finance Ministry on Monday.
The growth in direct tax collections so far has been higher than the 12.8% growth estimated in the Budget, mainly due to a rise in net non-corporate tax (mainly personal income tax) collections.
As of January 12, collections from net non-corporate taxes were over Rs 8.74 lakh crore, up 21.6% year-on-year, and net corporate tax collections were around Rs 7.68 lakh crore, up 8.2% year-on-year.
The Budget had projected a 14% year-on-year growth in personal income tax collections and 12% growth in corporate tax. Besides, net collections from securities transaction tax (STT) so far this fiscal stood at Rs 44,538 crore, up 75.3% over last year.
Meanwhile, refunds of Rs 3.74 lakh crore were issued during this period, up 42.5% over the same period last year. The government has budgeted to collect Rs 22.07 lakh crore from direct taxes in the current fiscal year.
