India’s Net Direct Tax Collections Rise 11.76 Percent as of November 10, Corporate Tax Grows 17.84 Percent

According to statistics released by the Income Tax Department, India’s net direct tax collection increased 11.76 percent year on year to Rs. 14.42 lakh crore in the current fiscal year up until November 10 due to rapid growth in corporate tax and securities transaction tax (STT) collections.

Corporate Tax

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Net corporate tax collections climbed from Rs. 5.36 lakh crore in the same time last year to Rs. 6.32 lakh crore, representing a gain of about 17.84 percent, according to figures from the IT department.

Net and Gross Direct Tax

According to data, net direct tax collections increased from Rs. 12.90 lakh crore in the prior fiscal year to Rs. 14.42 lakh crore during the same time frame. In comparison to Rs. 15.35 lakh crore collected during the same time last year, gross direct tax receipts, which represent tax receipts prior to adjustments for refunds, climbed by 14.02 percent to Rs. 17.50 lakh crore.

Securities Transaction Tax (STT)

Compared to Rs. 35,681.88 crore in the year ago period, Securities Transaction Tax (STT) collections also showed a sharp increase of about 51.56 percent to Rs. 54,077.90 crore.