Gross Direct Tax collection sees 19.94 per cent growth as of January 12

This is a significant increase from Rs17.21 lakh crore collected during the same period in the previous fiscal year, according to data released by the Central Board of Direct Taxes (CBDT).

Corporate tax (CT) contributed Rs9.72 lakh crore, while non-corporate tax (NCT) stood at Rs10.45 lakh crore. Collections from Securities Transaction Tax (STT) surged to Rs44,538 crore, and other taxes contributed Rs2,868 crore. These figures highlight robust growth across key categories, driven by increased compliance and economic activity.

Refunds issued during this period totalled Rs3.74 lakh crore, marking a 42.49 per cent growth compared to Rs2.62 lakh crore in the same period last year. After accounting for these refunds, the net direct tax collection reached Rs16.89 lakh crore, reflecting a YoY growth of 15.88 per cent from Rs14.58 lakh crore in FY 2023-24.

A closer comparison with the previous year shows that corporate tax collections rose from Rs8.33 lakh crore to Rs9.72 lakh crore, while non-corporate tax collections increased from Rs8.59 lakh crore to Rs10.45 lakh crore. STT collections nearly doubled, indicating significant activity in securities markets, while other taxes showed a slight decline.

The steady growth in direct tax collections demonstrates the government's successful efforts in enhancing tax compliance and leveraging technology for efficient administration. It also reflects the expanding economic base and improved taxpayer sentiment. The rise in refunds further emphasizes the government's focus on providing timely resolutions to taxpayers, strengthening trust in the tax system.

Earlier data from December 18, 2024, showed that gross direct tax collections had risen 20.32 per cent to Rs19.21 lakh crore, compared to Rs15.96 lakh crore during the same period in 2023. Net tax collections had grown by 16.45 per cent to Rs15.82 lakh crore, with refunds rising by 42.49 per cent. (ANI)