Direct tax collection rises 16.45% to Rs15.82 lakh cr

The net direct tax collections grew 16.45 percent to Rs 15.82 lakh crore, from Rs 13.59 lakh crore in the corresponding period of the last fiscal, till December 17. The rise in tax collection is significant since it helps the government meet its fiscal deficit target.

According to the data, the gross direct tax, including corporate, personal income tax and STT(Securities Transaction Tax) collections, surged to Rs 19.21 lakh crore, marking a robust growth of 20.32 per cent over the same period last fiscal. The refunds for the period rose 42.49 per cent to Rs 3.38 lakh crore from Rs 2.37 lakh crore in the year-ago period.

Segment-wise, corporate tax (CT) collections touched Rs 9.24 lakh crore in the current fiscal, as on December 17, up from Rs 7.90 lakh crore last year. After refunds, the net corporate tax collections stood at Rs 7.42 lakh crore, compared to Rs 6.83 lakh crore in the corresponding period last financial year.

Non-corporate tax (NCT), which primarily includes personal income tax climbed to Rs 9.53 lakh crore, compared to Rs 7.81 lakh crore last year. The net collections for this segment grew significantly to Rs 7.97 lakh crore from Rs 6.50 lakh crore.

As far Securities Transaction Tax (STT) is concerned, the net collection in the current fiscal was Rs 40,114 crore compared to Rs 21,628 crore in the corresponding period of the last fiscal.