Major contributors include a significant increase in the Securities Transaction Tax (STT), which nearly doubled to ₹26,154 crore. from ₹13,352 crore in 2023reflecting increased exposure of investors to the stock markets. This increase in STT shows how people are making money as incomes have doubled, leading to a corresponding increase in tax collections.
Corporate tax collections also grew by 18.26% to ₹5.58 lakh crore, up from ₹4.72 lakh crore collected during April 1-September 17, 2023. Personal income tax collections followed suit, rising to ₹6.14 lakh crore from ₹5 lakh crore, marking a 22.8% increase.
On the net front, total tax collections after refunds rose 16.12% to ₹9.95 lakh crore, compared with ₹8.57 lakh crore in the previous year.
Early tax collection soars in second tranche
Advance tax collection, a key indicator for tax planning, registered a healthy increase of 22.61%. Total collection during the period from April 1 to September 17, 2024, amounted to Rs 4.36 trillion, up from Rs 3.55 trillion in the same period in 2023.
Advance collections of corporate taxes grew 18.17% to ₹3.31 lakh crore, while advance collections of personal taxes rose 39.22% to ₹1.04 lakh crore compared to ₹74,945 crore in the previous year.
Rohinton Sidhwa, Partner at Deloitte IndiaCommenting on the FY24 data, he said, “Personal income tax continues to show strong growth and is outpacing corporate income tax, a trend seen over the past two years. Advance tax is also showing strong growth over the previous year, indicating the inherent strength and growth of the economy.”
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