Net direct tax collections reached approximately Rs 14.42 lakh crore by November 10, completing roughly 53 per cent of the annual budgetary aim. To secure the full target, the government must collect about Rs 12.55 lakh crore across the rest of the fiscal year, demanding a 19.5 per cent year-on-year growth rate. While corporate taxes advanced 18 per cent, net individual and non-corporate taxes grew at a slower 5.3 per cent pace. A 26 per cent surge in tax refund disbursements, which exceeded Rs 3.08 lakh crore, has significantly moderated overall net inflows.
Key points
Achieving the budget goal requires collecting Rs 12.55 lakh crore at a required growth ra…: Achieving the budget goal requires collecting Rs 12.55 lakh crore at a required growth rate of 19.5 per cent.
Tax refund issuances totaling more than Rs 3.08 lakh crore have dampened the net yield fr…: Tax refund issuances totaling more than Rs 3.08 lakh crore have dampened the net yield from collections.
The upcoming advance tax instalments due in December and March represent vital milestones…: The upcoming advance tax instalments due in December and March represent vital milestones for fiscal performance.
Sources checked by our analysis pipeline: 1
New Delhi: The government's Rs 26.97 lakh crore budgeted direct tax mop-up target is achievable, but meeting it will require a pickup in collections in the second half of the fiscal, particularly from corporate taxes and advance tax instalments, experts said on Thursday.
The overall collection of direct taxes, which includes personal I-T, corporate tax and Securities Transaction Tax, so far in the current fiscal looks reasonable, with about 53 per cent of the budgeted target already achieved.
Also Read: India's net direct tax collections rise 11.8% to Rs 14.42 lakh crore from April 1 to Nov 10
Net direct tax collection till November 10 this fiscal stood at about Rs 14.42 lakh crore, an 11.76 per cent year-on-year growth.
"The December and March advance tax instalments, along with year-end payments, should provide further momentum in the second half. Corporate tax collections will remain an important driver, while non-corporate tax collections have been relatively subdued so far," Nangia & Co LLP, Senior Partner, Amit Agarwal said.
Reflecting healthy corporate profitability and sustained economic momentum, net corporate tax collection recorded an…
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