Net Direct Tax Collection Rises 22.48% to Rs 6.93 Lakh Crore

Net direct tax collections surged by 22.48% to approximately Rs 6.93 lakh crore as of August 11 this fiscal year, according to government data released on Monday. The total includes Rs 4.47 lakh crore from personal income tax and Rs 2.22 lakh crore from corporate tax. Additionally, Securities Transaction Tax (STT) contributed Rs 21,599 crore, while other taxes, including equalisation levy and gift tax, generated Rs 1,617 crore.

Between April 1 and August 11, refunds totaling Rs 1.20 lakh crore were issued, marking a 33.49% increase. On a gross basis, direct tax collections rose by 24% to Rs 8.13 lakh crore. This total includes Rs 4.82 lakh crore from personal income tax and Rs 3.08 lakh crore from corporate tax.

The government has budgeted to collect Rs 22.07 lakh crore in the current fiscal from direct taxes.