New Delhi, August 11: India’s net direct tax collection for the current fiscal year has seen a remarkable increase of 23%, reaching ₹8.11 lakh crore from April 1 to August 10. This information was released by the government on Tuesday.
During this period, the total direct tax collection rose by 19.75% year-on-year, amounting to ₹9.55 lakh crore. Refunds issued during the review period totaled ₹1.43 lakh crore, which is 3.79% higher than the same period last year.
Before accounting for refunds, the total direct tax collection as of August 10 last year was ₹7.97 lakh crore, indicating an increase of ₹1.57 lakh crore this year.
Net corporate tax collection rose from ₹2.26 lakh crore last year to ₹2.70 lakh crore this year, while net non-corporate tax collection increased from ₹4.11 lakh crore to ₹5.07 lakh crore.
The collection from the Securities Transaction Tax (STT) surged to ₹33,823.74 crore, compared to ₹22,354.31 crore during the same period last year.
Last year’s total corporate tax collection was ₹3.32 lakh crore, which has now risen to ₹3.80 lakh crore. Meanwhile, total non-corporate tax collection increased from ₹4.43 lakh crore to ₹5.41 lakh crore, and total STT collection rose from ₹22,354.31 crore to ₹33,823.74 crore.
Other tax collections amounted to ₹14.33 crore, a significant increase from ₹282.96 crore during the same period last year.
These figures encompass taxes paid by companies, individuals, Hindu Undivided Families (HUF), firms, associations of persons, local authorities, and artificial judicial entities.
Additionally, according to data released by the Controller General of Accounts (CGA) on July 31, India’s estimated fiscal deficit for the first quarter of the current fiscal year (April-June) stood at ₹3.1 lakh crore, which constitutes 18.2% of the annual budget estimate.
This fiscal gap is higher than the ₹2.8 lakh crore recorded during the same April-June period last year, reflecting an increase in government spending while revenue collection remained robust.
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