New Delhi: The collection of direct taxes increased by 16.12 percent to more than Rs 9.95 lakh crore in the current fiscal year due to a rise in advance tax collection. Refunds totaling more than Rs 2.05 lakh crore were released, showing a 56.49 per cent increase compared to the corresponding period in the previous fiscal year. Between April 1 and September 17, the personal income tax (PIT) collection increased by 19 per cent, reaching Rs 5.15 lakh crore. There was a 10.55 per cent increase in corporate tax collection, totaling over Rs 4.52 lakh crore.
Income generated from Securities Transaction Tax (STT) amounted to Rs 26,154 crore. After considering returns, total revenue from individual and corporate taxes reached Rs 9,95,766 crore in this financial year, marking a 16.12 pc increase from the same period last year. The collection of advance tax increased by 22.61 percent to reach Rs 4.36 lakh crore. The increase in PIT advance tax collection saw a rise of 39.22 per cent, compared to 18.17 per cent for corporate tax.
The total direct tax revenue reached Rs 12.01 lakh crore, showing a 21.48% increase in this fiscal year. The government plans to gather Rs 22.12 lakh crore in the current fiscal year from direct taxes, which include personal income tax, corporate tax, and other taxes. This is a 13 percent increase from the previous fiscal year. Rohinton Sidhwa, Partner at Deloitte India, mentioned that personal income tax is still experiencing significant growth, surpassing corporate income tax consistently for the past two years. Sidhwa also mentioned that the increase in advance tax reflects the economy's inherent strength and growth compared to the previous year.
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