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Net direct tax collections UPSC NOTE

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  Growth in India’s net direct tax collections slowed slightly to 19.54% by July 11, relative to a 21% rise recorded by June 17, with reve...

 

  • Growth in India’s net direct tax collections slowed slightly to 19.54% by July 11, relative to a 21% rise recorded by June 17, with revenues hitting ₹5.74 lakh crore

  • Personal income tax (PIT) receipts constituted 60.2% of the net collections at ₹3.46 lakh crore, rising 21.4% year-on-year

  • While corporate taxes yielded 36.6% of net revenues at ₹2.1 lakh crore, reflecting a 12.5% growth.

  • With stock market trading volumes rising, receipts from the Securities Transaction Tax (STT) soared to ₹16,634 crore, 2.3 times the receipts at the same time last year

  • Combined with STT receipts, net PIT collections were up 24.1%, almost twice the growth recorded in net corporate taxes

  • Income Tax department had issued ₹70,902 crore as refunds to taxpayers, 62.5% higher than a year ago. 

  • Corporate taxpayers received 77.7% of these refunds, while personal tax payers got about ₹15,826 crore back

  • Prior to refunds, gross tax collections stood at a little over ₹6.45 lakh crore, marking a 23.2% growth. 

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Learnerz IAS | Concept oriented UPSC Classes in Malayalam: Net direct tax collections UPSC NOTE
Net direct tax collections UPSC NOTE
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