Net direct tax collections slow down marginally to touch 15.88%

Growth in India’s net direct tax collections slowed down marginally over the past month to touch 15.88% by January 12, from a 16.5% uptick as of December 17. Image for representative purposes only
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Growth in India’s net direct tax collections slowed down marginally over the past month to touch 15.88% by January 12, from a 16.5% uptick as of December 17, with gross tax receipts also tapering slightly from 20.3% a month ago to 19.94%.

Data shared by the Central Board of Direct Taxes on Monday (January 13, 2025) showed gross tax receipts stood at ₹20.64 lakh crore, with corporate taxes accounting for 47.07% of the receipts and non-corporate taxes yielding over 50.6% of the collections.

As per the data, mop-up from net non-corporate taxes, which include mainly personal income tax, stood at over ₹8.74 lakh crore.

The net corporate tax collection between April 1, 2024, and January 12, 2025, was around Rs 7.68 lakh crore.

Net collections from securities transaction tax (STT) stood at ₹44,538 crore so far this fiscal. Refunds worth over ₹3.74 lakh crore were issued during the period, a 42.49 per cent increase over the year-ago period.

The government has budgeted to collect ₹22.07 lakh crore in the current fiscal from direct taxes. This includes Corporate tax collection of ₹10.20 lakh crore, personal income tax and other taxes of Rs 11.87 lakh crore.

(With inputs from PTI)