India’s gross direct tax collections for 2024 showed significant growth, with a 21.48% increase as of September 17, 2024.

The surge in Securities Transaction Tax (STT) has been a major contributor, nearly doubling to Rs 26,154 crore from Rs 13,352 crore in 2023, indicating heightened investor activity in equity markets. This increase in STT reflects the growing income and subsequent rise in tax collections.

Data from the Finance Ministry and Income Tax Department reveals that the collections reached Rs 12.01 lakh crore from April to September, up from Rs 9.88 lakh crore during the same period in 2023.

Corporate tax collections also saw an 18.26% growth, reaching Rs 5.58 lakh crore, up from Rs 4.72 lakh crore collected from April 1 to September 17, 2023. Personal income tax collections followed suit, rising to Rs 6.14 lakh crore from Rs 5 lakh crore, marking a 22.8% increase.

In terms of net collections after refunds, total tax collections rose 16.12% to Rs 9.95 lakh crore, compared to Rs 8.57 lakh crore in the previous year.

Advance tax collections, an important indicator for fiscal planning, increased robustly by 22.61%. From April 1 to September 17, 2024, the total collections amounted to Rs 4.36 lakh crore, up from Rs 3.55 lakh crore during the same period in 2023.

Advance tax collections from corporations grew by 18.17%, reaching Rs 3.31 lakh crore, while collections from personal advance tax surged by 39.22%, totalling Rs 1.04 lakh crore compared to Rs 74,945 crore in the previous year.

The future of investing is here!
Unicorn Signals leverages advanced AI technology to provide you with powerful market predictions and actionable stock scans. Download the app today and 10x your trading & investing journey!