India’s net direct tax collection has increased by 15.41% this financial year, reaching more than Rs. 12.1 lakh crore as of November 2024. This growth reflects the strength of the Indian economy, with more taxes coming from both companies and individuals. Before adjusting for refunds, total tax collections rose by 21.2%, crossing Rs. 15 lakh crore.

The Central Board of Direct Taxes (CBDT) also reported that it has issued refunds totaling Rs. 2.91 lakh crore, which is 53% higher than last year. Comprehensive Guide of Law and Procedure for Filing of Income Tax Appeals, Click Here Corporate taxes, which come from companies, contributed sufficiently greatly to this growth reaching Rs. 5.1 lakh crore. This is up from Rs. 4.79 lakh crore last year. Income tax collections from individuals also remained strong showing steady contributions from taxpayers.

Another noteworthy growth came from the Securities Transaction Tax (STT) which reached Rs. 35,923 crores, marking a 90% increase over last year’s Rs. 18,909 crore collection. Comprehensive Guide of Law and Procedure for Filing of Income Tax Appeals, Click Here The government has already met 55% of its Rs. 22 trillion direct tax target for the entire financial year, which policymakers find promising for reaching or even surpassing this goal.

The 15.41% growth rate in tax revenue is ahead of the 12.8% rate projected in the full-year budget, offering assurance on financial targets. Experts believe this growth is due to factors like higher corporate profits, advanced technologies improved systems that made tax filing easier. The increased tax revenue will help the government fund important projects in areas like infrastructure, healthcare, and social welfare. The strong performance in direct tax collection points to a bright future for India’s economy as it moves into the next financial year.