India's net direct tax collection surged by 22.48 per cent, reaching approximately Rs 6.93 lakh crore as of August 11 for the current fiscal year, according to government data released on Monday. This significant increase is said to be the reflection of robust economic activity and improved tax compliance. The overall tax collection includes Rs 4.47 lakh crore from personal income tax, showcasing the strong contribution of individual taxpayers to the exchequer. Meanwhile, the corporate tax collection also showed a healthy performance, contributing Rs 2.22 lakh crore to the total.
Additionally, the Securities Transaction Tax (STT) added Rs 21,599 crore to the government's coffers, underscoring the growing activity in the financial markets. Other taxes, which include the equalisation levy and gift tax, collectively contributed Rs 1,617 crore. Refunds worth Rs 1.20 lakh crore were issued between April 1 to August 11, a growth of 33.49 per cent.
On a gross basis, direct tax collection grew 24 per cent to Rs 8.13 lakh crore. The collection includes Personal Income Tax (PIT) of Rs 4.82 lakh crore and corporate tax of Rs 3.08 lakh crore. The government has budgeted to collect Rs 22.07 lakh crore in the current fiscal from direct taxes.
Retail inflation slips to 5-yr low
Retail inflation declined to a five-year low of 3.54 per cent in July mainly on account of subdued prices of food items, and base effect, according to official data. The Consumer Price Index (CPI) based retail inflation was 5.08 per cent in June 2024 and 7.44 per cent in July 2023. Retail inflation slipped below the median target of 4 per cent of the Reserve Bank for the first time since September 2019 when it was at 3.99 per cent.
(With inputs from PTI)
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