Net direct tax collection surges 15.4% to Rs 12.1 lakh crore as of Nov

Direct tax collections remain buoyant despite global headwinds

Net direct tax collections rose by 15.4 per cent to Rs 12.06 lakh crore until November 2022. This reflects strong economic recovery and improved compliance, despite a challenging global macroeconomic environment.

Net direct tax collection in April-November 2022 was Rs 12.06 lakh crore, a rise of 15.4 per cent over Rs 10.49 lakh crore in the same period last year. The gross direct tax collection stood at Rs 14.16 lakh crore during this period, showing a growth of 15.3 per cent against Rs 12.28 lakh crore in the corresponding period last fiscal.

Corporate income tax collection up 16.8%

In particular, corporate income tax collections increased by 16.8 per cent to Rs 7.26 lakh crore, while personal income tax collections grew by 11 per cent to Rs 4.8 lakh crore. This can be attributed to the government's efforts to promote economic growth, such as tax reforms and initiatives to attract foreign investment.

The robust direct tax collection indicates the resilience of the Indian economy in the face of global headwinds.