• Notification Date: 14-10-2024
• Notification No: N/A

India's Net Direct Tax Collections Surge 18.35 Percent to Rs 11.25 Lakh Crore in April-October 2024

India's net direct tax revenues rose 18.35% year-on-year to Rs 11.25 lakh crore in April-October 2024, government data showed on Friday (October 11). The revenues included corporate tax of Rs 4.94 lakh crore and personal income tax of Rs 5.98 lakh crore.  

Securities transaction tax (STT) stood at Rs 30,630 crore, while other taxes (including equalization and gift taxes) collected Rs 21.5 crore. Total revenues from direct taxes stood at Rs 13.57 lakh crore, of which Rs 6.11 lakh crore was from corporate tax and Rs 7.13 lakh crore was from personal income tax. Between April 1 and October 10, refunds worth around Rs 2.31 crore were paid, a 46 percent increase.  

Corporate tax refunds exceeded Rs 1.16 lakh crore and income tax refunds Rs 1.14 lakh crore. Net revenues for the same period, 2023–2024, were Rs 9.51 lakh crore.
Net direct tax revenues collected up to October 10 were Rs 11.26 lakh crore, more than half of the current year's budgeted amount of Rs 22 lakh crore, indicating that revenues are on a solid footing.  

There are two types of income: non-taxable income and taxable income   

Taxes collected from both direct and indirect taxes are the tax revenue of the country. Direct taxes are taxes paid directly to the government by the individuals or companies from whom they are collected.
Revenues include personal income tax revenues of Rs 5.98 lakh crore and corporate tax revenues of Rs 4.94 lakh crore. Securities transaction tax was Rs 30,630 crore, though other taxes (including equalization tax and gift tax) collected Rs 2,150 crore. The Income Tax Department had collected Rs 9.51 lakh crore in the same period last year. Refunds worth Rs 2.31 lakh crore were made from April 1 to October 10, up 46 percent.