STT, PIT spikes lift net direct tax receipts 22.5%
The Hindu
India's direct tax collections surge 22.5% with Personal Income Tax leading, while corporate tax inflows grow modestly.
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.
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