Net Direct Tax Collection Grows 15.41% to Rs 12.11 Lakh Crore Till Nov 10:
Revenue from Personal Income Tax Up 16.99%, Corporate Tax Collection Up 12.66%
India's net direct tax collection rose by 15.41% to Rs 12.11 lakh crore during April-November 10, 2022, as per data released by the Central Board of Direct Taxes (CBDT).
The net direct tax collection includes Corporation Tax, Personal Income Tax (PIT), and Securities Transaction Tax (STT).
Key Highlights:
- Revenue from Corporation Tax increased by 12.66% to Rs 6.29 lakh crore.
- Collection from PIT grew by 16.99% to Rs 4.97 lakh crore.
- STT collection jumped by 26.19% to Rs 85,392 crore.
The strong growth in direct tax collection is attributed to the economic recovery post-pandemic, robust corporate earnings, and increased compliance.
The government's focus on digitization and faceless assessment has also contributed to improved tax administration and collection efficiency.
The sustained growth in direct tax revenue is crucial for the government to fund various developmental programs and infrastructure projects.
The CBDT noted that the provisional figures of direct tax collection up to November 10, 2022, are based on self-assessment tax payments and do not include refunds issued.
The final figures may vary slightly once all refunds are processed and accounted for.
