Net direct tax collection grows 18 percent to Rs 11.25 lakh crore

Net direct tax collection grew 18.3 percent to about Rs 11.25 lakh crore as of October 10 this fiscal, government data showed on October 11.

The mop-up includes personal income tax collection of Rs 5.98 lakh crore and corporate tax collection of Rs 4.94 lakh crore. Securities Transaction Tax (STT) stood at Rs 30,630 crore, while other taxes (including equalisation levy and gift tax) earned Rs 2,150 crore.

The income tax department had collected Rs 9.51 lakh crore during the same period a year ago.

Refunds worth Rs 2.31 lakh crore were issued between April 1 and October 10, a growth of 46 percent.

On a gross basis, direct tax collection grew 22.3 per cent to Rs 13.57 lakh crore. The collection includes PIT (personal income tax) of Rs 7.13 lakh crore and corporate tax of Rs 6.11 lakh crore.

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

Corporate tax collection after adjusting for refunds grew over 11 percent so far this financial year to Rs 4.94 lakh crore, while personal income tax receipts after refunds stood at Rs 5.98 lakh crore, showing an impressive 23 percent growth.

Securities transaction tax (STT) collection has jumped 87 percent so far this financial year to Rs 30,630 crore, up from Rs 16,373 crore collected in the same period a year ago.