Net direct tax collections surges 14.6 pc to Rs 5.21 lakh crore
New Delhi, June 18
India's net direct tax collections surged 14.64 per cent to Rs 5.21 lakh crore in the April 1-June 17 period this fiscal, according to data released by the Income Tax Department on Thursday.
Net direct tax collections stood at Rs 5.21 lakh crore as on June 17, compared with rs 4.5 trillion collected during the corresponding period of FY26.
In the meantime, gross direct tax collections increased 12.46 per cent to Rs 6.1 lakh crore from Rs 5.4 lakh crore from the year-ago period.
Also, the I-T Department data showed that refunds issued during the period reached Rs 89,025.71 crore - up 1.19 per cent from Rs 87,979.39 crore in the same period last year.
Advance tax collections also clocked double-digit growth during the period.
Total advance tax collections stood at Rs 1.78 lakh crore, up 15.30 per cent from Rs 1.54 trillion in the corresponding period of the previous fiscal.
Advance corporate tax collections went up 16.01 per cent to Rs 1.40 lakh crore.
Also, advance non-corporate tax collections increased 12.73 per cent to Rs 37,620.32 crore.
Corporate tax collections, on a net basis, rose to Rs 2.08 lakh crore from Rs 1.7 lakh crore a year ago.
Meanwhile, the gross Goods and Services Tax (GST) collections rose 3.2 per cent year-on-year to around Rs 2 lakh crore in May, despite geopolitical tensions in West Asia, according to government data.
As per data, gross GST revenue stood at Rs 1,94,184 crore in May, compared to Rs 1,88,172 crore in the same month last year. Meanwhile, net GST collections reached Rs 1,66,904 crore, a growth of 3.3 per cent over the corresponding period last year.
Total refunds during the month increased 2.6 per cent year-on-year to Rs 27,281 crore.
— IANS
Reader Comments
Impressive numbers from India. The advance tax growth shows corporate confidence, and the GST collections are holding steady despite Middle East tensions. As someone watching from abroad, this is reassuring for global investors.
Good news for the economy, but I'm wary of the fine print. Refunds are only up 1.19%, which means many genuine taxpayers are still waiting for their money. The I-T department should expedite this process, especially for small businesses. 🙏
Yaar, these numbers look good on paper but tell me why my local kirana shop is still struggling? Also, GST on essential items should be lowered. The common man needs relief, not just fancy percentages! 😤
Solid tax collection growth, but the real test will be sustaining this momentum. The advance corporate tax figure of 16% is particularly encouraging. Let's see if this translates into more jobs and higher consumption.
Happy to see GST collections crossing Rs 1.94 lakh crore in May! This shows domestic demand is picking up. But I wonder if the government is doing enough to simplify the tax system for startups and freelancers like me. 😅
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