India's direct tax collections surge 18.35% in FY 2023-24

India's net direct tax collections have increased by 18.35% year-on-year, reaching ₹11.25 lakh crore as of October 10, according to government data released on October 11. This notable growth is attributed to robust corporate and personal income tax contributions.

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The collection comprises ₹4.94 lakh crore in corporate tax and ₹5.98 lakh crore in personal income tax. Additionally, the Securities Transaction Tax (STT) accounted for ₹30,630 crore, while other taxes, including the equalization levy and gift tax, generated ₹2,150 crore.

The gross direct tax collection totaled ₹13.57 lakh crore, with corporate tax contributing ₹6.11 lakh crore and personal income tax contributing ₹7.13 lakh crore. Notably, refunds issued from April 1 to October 10 amounted to around ₹2.31 lakh crore, reflecting a significant 46% increase from the previous year. Corporate tax refunds reached over ₹1.16 lakh crore, while personal income tax refunds exceeded ₹1.14 lakh crore.

This year's net tax revenue of ₹11.26 lakh crore, collected by mid-October, represents more than half of the ₹22 lakh crore projected budget for the current financial year, indicating a strong trend in revenue collection. Overall, these figures underscore the government's positive fiscal outlook as it strives to enhance tax revenue across various sectors.