India’s Direct Tax Collections Rise 13% to ₹12.12 Lakh Crore

India collected more direct taxes during the first part of the financial year.

Net collections reached about ₹12.12 lakh crore by September 17.

This was nearly 13% more than during the same period a year earlier.

Companies paid a large share of the taxes, while individuals and other taxpayers also contributed.

The government collected much more Securities Transaction Tax from market transactions.

Some of that increase followed higher tax rates on certain futures and options trades.

Advance tax payments also grew, suggesting that taxpayers paid more during the year based on expected income.

The government issued more refunds too, which reduced the final net amount collected.