New Delhi, 19 December. India’s net direct tax collection has increased by eight percent in the current financial year so far (December 17) to reach Rs 17.04 lakh crore. The central government gave this information on Friday. In the information given by the Income Tax Department, it was said that the total gross tax collection of the government from April 1 to December 17 this year has been Rs 20.01 lakh crore. It has seen an increase of four percent on an annual basis.
so far in the current financial year 2.97 Refund of lakh crore rupees
According to the Income Tax Department, refunds worth Rs 2.97 lakh crore have been issued so far in the current financial year. There has been a decline of 13.52 percent on annual basis. The share of corporate tax in net direct tax was Rs 8.17 lakh crore, which was Rs 7.39 lakh crore in the same period of the last financial year.
The share of non-corporate tax in this was Rs 8.46 lakh crore, which was Rs 7.96 lakh crore in the same period a year ago. Non-corporate taxes include personal taxes and taxes collected from Hindu undivided families.
STT collection increased during the review period 40,194.77 crore rupees
Securities Transaction Tax (STT) collection during the review period has increased to Rs 40,194.77 crore, which was Rs 40,114.02 crore in the same period last year. The government has set a target of direct tax collection of Rs 25.20 lakh crore in the current financial year, which is 12.7 percent higher on an annual basis. With this, the government is expected to collect STT of Rs 78,000 crore in FY 26.
Increase in tax collection despite increasing exemption limit under the new tax system
The increase in tax collection has been seen at a time when in the General Budget 2025, Finance Minister Nirmala Sitharaman had increased the tax exemption limit to Rs 12 lakh under the new tax system. This has provided relief to a large number of income tax payers.
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