India's net direct tax collections rise 7 pc to Rs 12.92 lakh crore in current fiscal

New Delhi, Nov 11 (IANS) India’s net direct tax collections recorded a 7 per cent growth to Rs 12.92 lakh crore between April 1 and November 10 of the current financial year compared to the same period of the previous financial year, according to official figures released on Tuesday.

Refunds issued during the 7-month period worked out to Rs 2.42 lakh crore, which is 18 per cent lower than the corresponding period of the previous year.

Net corporate tax collections stood at around Rs 5.37 lakh crore, up from Rs 5.08 lakh crore in the same period of the financial year 2024-25.

Non-corporate tax receipts, which include personal income tax from individuals and Hindu Undivided Families (HUFs), went up to Rs 7.19 lakh crore from Rs 6.62 lakh crore a year ago.

Securities Transaction Tax (STT) collections, however, were marginally lower at Rs 35,682 crore compared with Rs 35,923 crore in the same period last year.

Gross direct tax collections before refunds were estimated at Rs 15.35 lakh crore, which represents a 2.15 per cent increase over the corresponding figure of Rs 15.03 lakh crore for the same period of the previous financial year.

Overall, net direct tax collections, comprising personal income tax and corporate tax, increased to Rs 12.92 lakh crore in the current financial year so far, from Rs 12.08 lakh in the corresponding period of the previous year.

The government has set a target of Rs 25.20 lakh crore in direct tax collections, representing a 12.7 per cent increase over the previous year.

Finance Minister Nirmala Sitharaman had announced significant income tax relief measures to put more money in the hands of the middle-class to increase the demand for goods and services in the economy to spur growth. For individuals in the new tax regime, salaried taxpayers can have an income of up to Rs 12.75 lakh with zero tax liability due to an increased standard deduction of Rs 75,000.

The limits for Tax Deducted at Source (TDS) have also been raised for various sections, such as on interest for senior citizens to Rs 1 lakh from Rs 50,000 and on rent to Rs 6 lakh annually from Rs 2.40 lakh.

--IANS

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