India’s net direct tax collection grows 16.45%, advance tax rises 21% this fiscal
New Delhi: India’s net direct tax collection rose by 16.45% year-on-year to over Rs 15.82 lakh crore as of December 17 this fiscal, driven by higher advance tax payments, according to government data.
Advance tax collection increased by 21% during the period, reaching Rs 7.56 lakh crore.
The total includes Rs 7.42 lakh crore in corporate tax and Rs 7.97 lakh crore from non-corporate taxes.
Securities Transaction Tax (STT) collection amounted to Rs 40,114 crore between April 1 and December 17 of the current fiscal year.
Refunds issued during the period grew by 42.49% year-on-year, amounting to Rs 3.39 lakh crore.
Gross direct tax collection, encompassing corporate tax, personal income tax, and STT, stood at over Rs 19.21 lakh crore, marking a 20.32% increase compared to the same period in 2023.
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