STT, PIT spikes lift net direct tax receipts 22.5%

India’s net direct tax collections’ growth accelerated to 22.5% by August 11, from a 19.54% recorded a month ago, led by a 30% spike in Personal Income Tax (PIT) revenues and a 111% surge in Securities Transaction Tax (STT) receipts, even as corporate tax inflows grew a mere 5.9% from last year.

Data from the Central Board of Direct Taxes showed that gross tax collections rose 24% by Sunday to ₹8.13 lakh crore, while refunds to taxpayers increased 33.5% to a tad over ₹1.2 lakh crore. Net revenues from direct taxes stood at almost ₹6.93 lakh crore, compared with around ₹5.66 lakh crore in the corresponding period a year ago.

Personal IT receipts so far this year now account for 64.55% of net tax receipts, up from about 60.2% a month ago and 60.8% by the same time last year. Corporate taxes’ share has dropped to 32.1% from 36.6% on July 11, and 37.1% as of August 11 last year.

Disclaimer: The copyright of this article belongs to the original author. Reposting this article is solely for the purpose of information dissemination and does not constitute any investment advice. If there is any infringement, please contact us immediately. We will make corrections or deletions as necessary. Thank you.
You might also like