Net direct tax collection rises 8 per cent to Rs 17 lakh crore till December

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Net direct tax collection grew 8 per cent to over Rs 17.04 lakh crore this fiscal till December 17 on slower refunds and higher advance taxes from corporates, the income tax department data showed on Friday.

Net corporate tax mop up grew 10.54 per cent to over Rs 8.17 lakh crore. Non-corporate tax (which includes taxes paid by individuals, HUFs, firms) grew 6.37 per cent at Rs 8.47 lakh crore.

Net revenue from Securities Transaction Tax (STT) rose marginally year-on-year at R40,195 crore till December 17 of the current fiscal. Advance tax paid by corporates showed a growth of 8 per cent to over Rs 6.07 lakh crore. Advance tax collection from non-corporates showed a de-growth of 6.49 per cent at over Rs 1.81 lakh crore. Overall, advance taxes grew 4.27 per cent to over Rs 7.88 lakh crore till December 17.

Refunds issuance dropped 14 per cent compared to last year to over Rs 2.97 lakh crore. Gross direct tax collections, before adjusting refunds, recorded 4.16 per cent growth at over Rs 20.01 lakh crore till December 17, as per the income tax department data.

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