A reset in ties
Against a backdrop of rapidly deteriorating relations between India and Bangladesh, Indian Foreign Secretary Vikram Misri’s recent visit to Dhaka marked a crucial effort to restore bilateral ties.
According to the latest figures released by the Central Board of Direct Taxes (CBDT), the net direct tax collection surged 15.4 per cent to Rs 12.1 lakh crore as of November 10, 2024, after refunds of Rs 2.91 lakh crore.
Further, the gross collections reached Rs 15.02 lakh crore, up 21.2 per cent year-on-year. On a gross basis, direct taxes surged by over 21per cent to Rs 15 lakh crore.
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Notably, the net direct tax collection was Rs 10.48 lakh previous year. The upward trend in net direct tax collection aligns with the government’s budget target of Rs 22.12 lakh crore for direct tax revenues this fiscal year.
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The net corporate tax receipts stand at Rs 5.10 lakh crore, while non-corporate taxes, including personal income tax from individuals, Hindu Undivided Families (HUFs), and firms, amount to Rs 6.62 lakh crore.
The collections from other levies, such as the Equalisation Levy and gift tax, contributed Rs 35,923 crore to the overall total.
Between April and November 10, the Securities Transaction Tax (STT) collections nearly doubled to Rs 35,923 crore, up from Rs 18,909 crore during the same period last year.
The target for direct collections was fixed at Rs 18.23 lakh crore in the Union Budget for 2023-24 and later increased to Rs 19.45 lakh crore in the Revised Estimates (RE).
The provisional Direct Tax collections (net of the refunds) have exceeded the BE by 7.40per cent and RE by 0.67per cent, the CBDT said.
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