Net direct tax collections jump 23% to ₹8.11 trillion by 10 August
Net direct tax collections grew faster than gross receipts, led by non-corporate taxes and strong securities transaction tax collections.
India's net direct tax collections increased by 23.09% year-on-year to ₹8.11 trillion between April and August 2022, growing faster than the government had anticipated. Gross direct tax collections rose 19.75% to ₹9.55 trillion during the same period, accounting for approximately 35% of the budgeted ₹26.97 trillion for corporation tax and income taxes for the entire fiscal year.
Non-corporate taxes, which include taxes paid by individuals, HUFs, firms, and local authorities, contributed the most to the increase, rising 22.29% to ₹5.41 trillion. This category alone accounted for more than half of the total gross direct tax collections. Securities transaction tax (STT) saw the sharpest growth, increasing 51.30% to ₹33,823.74 crore, driven by ongoing market activity.
Net collections grew at an even faster rate of 23.09% compared to the 19.75% growth in gross collections, as refunds only increased by 3.79% to ₹1.43 trillion.
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