Key Points
Corporate tax collections rise to Rs 12.40 lakh crore
Non-corporate tax collections surge to Rs 12.90 lakh crore
Securities transaction tax jumps to Rs 53,095 crore
Net direct tax collection increases 13.13%
This rise in collections is attributed to higher corporate and non-corporate tax revenues, as well as a significant surge in securities transaction tax (STT) receipts.
Corporate tax collections rose to Rs 12.40 lakh crore, up from Rs 10.1 lakh crore in the previous fiscal.
The Non-corporate tax collections surged to Rs 12.90 crore from Rs 10.91 lakh crore last fiscal year.
Securities transaction tax (STT) collections witnessed a sharp increase, reaching Rs 53,095 crore, compared to Rs 34,131 crore in the previous year.
Direct taxes are the taxes that individuals and businesses pay directly to the government. They include income tax, Corporate Tax, and Securities transaction tax.
Other taxes, including wealth tax, saw a decline from Rs 3,656 crore to Rs 3,399 crore.
After accounting for refunds, which also saw a significant jump of 32.51 percent to Rs 4.6 lakh crore, the net direct tax collection stood at Rs 21.26 lakh crore, reflecting a 13.13 percent increase compared to Rs 18.8 lakh crore in the same period last year.
The rise in tax collections is a positive sign for India's fiscal health, as it strengthens the government's revenue base and reduces dependence on borrowing.
It also suggests economic resilience despite global uncertainties. Higher tax revenues may allow the government to increase public spending on infrastructure, social welfare, and other key sectors, boosting overall economic growth.
