Direct tax collections rise by 26%

Tribune News Service

New Delhi, December 18

Gross direct tax collections have grown by 26 per cent to touch Rs 13.63 lakh crore. Tax on corporate and individual income makes up direct taxes.

After deducting refunds, net direct tax collection this fiscal are at Rs 11.35 lakh crore, which is about 80 per cent of the full-year Budget target. This has been aided by TDS deductions and healthy corporate advance tax mop-up, said a Central Board of Direct Taxes statement.

Net collections from income and corporate taxes are 19.81 per cent higher than the Rs 9.48 lakh crore collected in the corresponding period of the last financial year (2021-22).

The gross collection of Rs 13.63 lakh crore includes corporation tax at Rs 7.25 lakh crore and personal income tax, including securities transaction tax at Rs 6.35 lakh crore, read the statement. Of this, Rs 5.21 lakh crore came from advance taxes, Rs 6.44 lakh crore from tax deducted at source and self-assessment tax of Rs 1.4 lakh crore.