India’s direct tax collection surges 15.4% to Rs 12.1 lakh crore by November

The Central Board of Direct Taxes (CBDT) on Monday reported that overall tax collection from April 1 to November 10 grew by 15.41 per cent to Rs 12.1 lakh crore, including net corporate tax collections of Rs 5.10 lakh crore and non-corporate taxes, such as Rs 6.62 lakh crore paid by individuals, HUFs, and firms.

A total of Rs 35,923 crore was collected from other taxes, including the Equalisation Levy and gift tax.

The CBDT reported that gross direct tax collections reached Rs 15.02 lakh crore, marking a 21.20 percent increase compared to the same period last year.

The board stated that refunds totaling Rs 2.92 lakh crore were issued during this period, marking a 53 percent increase over the same period last year.

After accounting for these refunds, net direct tax collection—which includes corporate, non-corporate, and other taxes—showed a 15.41 percent increase, up from Rs 10.49 lakh crore collected during the same period in the previous financial year.

The government currently targets a direct tax collection of Rs 22.12 lakh crore (including personal income tax, corporate tax, and other taxes) for the current fiscal year, FY25, representing a 13 percent increase compared to the previous fiscal year.

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