Direct Tax Collections Surge 22.5%. Here's How It Will Help The Economy

The net direct tax collection includes Personal Income Tax (PIT) collection of Rs 4.47 lakh crore and Corporate Tax collection of Rs 2.22 lakh crore.

India's net direct tax collection surged by 22.5 per cent to Rs 6.93 lakh crore during the current financial year so far (April 1 to August 11) which is expected to keep the country firmly on the path of fiscal consolidation.

The net direct tax collection includes Personal Income Tax (PIT) collection of Rs 4.47 lakh crore and Corporate Tax collection of Rs 2.22 lakh crore.

Securities Transaction Tax (STT) raked in Rs 21,599 crore, while other taxes (which include equalisation levy and gift tax) yielded Rs 1,617 crore, according to the latest data released by the government.