Image Source : FILE Net direct tax collection sees a jump in the country.
The government has reported a significant rise in net direct tax collections, which have surged by 16.45 per cent to exceed Rs 15.82 lakh crore in the ongoing fiscal year. This growth shows robust economic activity and improved tax compliance till December 17 this fiscal, buoyed by higher advance tax mop-up, government data showed.
Advance tax collection during the period rose 21 per cent to Rs 7.56 lakh crore. The collection includes corporate tax of over Rs 7.42 lakh crore and non-corporate tax mop-up of Rs 7.97 lakh crore.
Securities Transaction Tax (STT) of Rs 40,114 crore was collected between April 1-December 17 of the current fiscal year. Refunds worth Rs 3.39 lakh crore were issued during the period, registering a growth of 42.49 per cent year-on-year.
Gross direct tax collection, which includes corporate, personal income tax and STT stood at over Rs 19.21 lakh crore, a 20.32 per cent growth over the collection in April 1-December 17, 2023.
(With PTI inputs)
