Tax collections increased by 9% to ₹10.82 lakh crore, with advance tax collections from companies jumping by 6.11%

Net direct tax collections have increased by 9.18% year-on-year to ₹10.82 lakh crore in the current financial year, compared to ₹9.91 lakh crore in the same period a year ago. Net direct tax collections have risen due to increased advance tax collections from companies and a decline in refunds. Refunds issued to taxpayers during this period decreased by 24% to ₹1.61 lakh crore.

According to data released by the Income Tax Department on Thursday, gross direct tax collections between April 1 and September 17 increased by 3.39% year-on-year to ₹12.43 lakh crore. During this period, advance tax collections from corporates grew by 6.11 percent to ₹3.52 lakh crore. However, advance tax collections from non-corporate groups fell by 7.30 percent to ₹96,784 crore. Net corporate tax collections rose to ₹4.72 lakh crore from ₹4.50 lakh crore in the same period last year.

The data shows ₹26,306 crore has been collected as Securities Transaction Tax (STT) so far in the current financial year. STT collections in the same period last year were ₹26,154 crore. The government has set a target of ₹25.20 lakh crore in direct taxes this fiscal year, representing a 12.7 percent increase year-on-year. A target of ₹78,000 crore has been allocated for securities transactions during this period.