India’s direct tax receipts surged by over 21%, reaching Rs.15 lakh crore
India’s net direct tax collections have recorded a robust growth of 15.4% during the period from April 1 to November 10 in the current financial year, totaling Rs.12.1 lakh crore, according to the latest data released by the Central Board of Direct Taxes (CBDT).
On a gross basis, the country’s direct tax receipts surged by over 21%, reaching Rs.15 lakh crore. The government also issued tax refunds amounting to Rs.2.9 lakh crore, marking a 53% year-on-year increase in refunds.
The breakdown of the collections reveals that corporate tax receipts stood at Rs.5.10 lakh crore, while non-corporate taxes—paid by individuals, Hindu Undivided Families (HUFs), and firms—accounted for Rs.6.62 lakh crore. Additionally, Rs.35,923 crore was collected from other taxes, including the Equalization Levy and gift tax.
This strong growth in tax collections follows a record performance in the previous fiscal year when net direct tax collections exceeded the Union Budget estimates by Rs.1.35 lakh crore (7.4%). For the current fiscal year, the government has set an ambitious target of Rs.22.12 lakh crore in direct tax collections, reflecting a 13% increase over last year’s target.
The impressive tax receipts come at a time when the government is focusing on funding large infrastructure projects and welfare schemes for the economically disadvantaged. The buoyancy in tax collections enhances the government’s ability to invest in key sectors and manage its fiscal deficit effectively.
The healthy tax inflows also contribute to strengthening India’s macroeconomic fundamentals. A lower fiscal deficit reduces the government’s borrowing needs, allowing more funds to remain in the banking system. This, in turn, supports lending to large businesses, fueling investment, economic growth, and job creation. Additionally, a controlled fiscal deficit helps keep inflation in check, further stabilizing the economy.
In the previous fiscal year, the government revised its direct tax collection target upward from Rs.18.23 lakh crore to Rs.19.45 lakh crore, with provisional figures showing a 7.4% overachievement compared to the original budget estimate. With the continued growth in tax collections, India is well-positioned to meet its financial goals and sustain its economic momentum.
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Unless Pappu & family sent to jail or made to die in the jail, these figures are all statistics & lies