India’s direct tax collections after refunds grew at an impressive 23.1% year-on-year to Rs 8.11 lakh crore during April 1-August 10, data released by the Central Board of Direct Taxes (CBDT) on Tuesday showed. The rise in direct tax mop-up was broad-based but was supported by a slowing pace of refunds. The collections so far account for 30.1% of the government’s budgeted direct tax collections target of Rs 26.97 lakh crore for 2026-27 (Apr-Mar). The pace of collections till now is sharply higher than the 11.4% growth projected in the Budget for the whole of FY27. The government collected Rs 9.55 lakh crore in direct taxes, including refunds, during April 1-August 10, up 19.8% year-on-year. The government issued refunds worth Rs 1.43 lakh crore till August 10, up just 3.8% year-on-year. The pace of refunds was sharply lower than the 14.6% seen till July 13. Data shows strong growth in gross non-corporate taxes and STT collections, and a slowdown in refunds. This is leading to 23% growth in net collections. It is expected, however, that the pace of refunds will increase over the next few months (ICE NEW DELHI)

Fonte notizia: Financial Express