Net direct tax rises 13% to over ₹12.12 lakh crore till Sept 17

The government's net direct tax collection rose 13 per cent to over ₹12.12 lakh crore till September 17 in the current financial year, according to data released by the Central Board of Direct Taxes on Friday. After adjusting for refunds, net direct tax collections, which include corporate tax, non-corporate tax and Securities Transaction Tax, stood at ₹12.12 lakh crore, up 12.96 per cent from the year-ago period.

Gross direct tax collections rose 15.19 per cent to ₹14.32 lakh crore during the period, while refunds issued increased 29.19 per cent to over ₹2.20 lakh crore. The rise in collections was supported by better advance tax mop-up from corporates, with total advance tax collections growing 16.18 per cent to about ₹5.22 lakh crore.

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Advance tax payments by corporates rose 18 per cent to over ₹4.16 lakh crore, while non-corporate advance tax collections increased 9.24 per cent to ₹1.06 lakh crore. On a net basis, corporate tax collections rose 19.48 per cent to about ₹5.56 lakh crore from ₹4.65 lakh crore a year earlier. Net non-corporate tax collections, covering individuals and Hindu Undivided Families, rose 6 per cent to over ₹6.16 lakh crore from ₹5.81 lakh crore.

Net collections from Securities Transaction Tax climbed 53 per cent to ₹40,214.36 crore between April 1 and September 17, compared with ₹26,305.72 crore in the corresponding period last year. Net collections under other taxes were marginally negative at ₹ -0.20 crore, against ₹280.51 crore a year earlier.

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On a gross basis, corporate tax collections increased to ₹6.95 lakh crore from ₹5.96 lakh crore in the year-ago period. Gross non-corporate tax collections rose to ₹6.98 lakh crore from ₹6.21 lakh crore, while gross STT collections stood at ₹40,214.36 crore, up from ₹26,305.72 crore.

Gross collections under other taxes stood at ₹17.12 crore, compared with ₹297.14 crore in the same period last year. The total direct tax collections before refunds increased to ₹14.32 lakh crore as of September 17 this year, from ₹12.44 lakh crore in the corresponding period last year. The figures include taxes paid by companies as well as individuals, Hindu Undivided Families, firms, associations of persons, bodies of individuals, local authorities and artificial juridical persons.

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