India's net tax collection rose by around 16% so far in this fiscal, as per the data shared by the Central Board of Direct Taxes on Monday.
As of Jan. 12, the net tax collection stood at Rs 16.89 lakh crore, 15.88% higher as compared to Rs 14.58 lakh crore in the same period last year.
Refunds amounting to Rs 3.74 lakh crore were released during this period, registering a growth of 42.49% year-on-year.
Corporate tax collected till Jan. 12 of this fiscal stood at Rs 7.68 lakh crore, as against Rs 7.10 lakh crore in the year-ago period.
The mop-up of securities transaction tax nearly doubled to Rs 44,538 crore from Rs 25,415 crore in the corresponding period of the past fiscal.
Gross Collection Up 19.94%
The gross tax collection of the period from Apr. 1, 2024, to Jan. 12, 2025, has climbed by 19.94% to Rs 20.64 lakh crore. It stood at Rs 17.21 lakh crore in the year-ago period.
The gross corporate tax collection rose to Rs 9.72 lakh crore from Rs 8.33 lakh crore in the year-ago period, while the gross non-corporate tax collection rose to Rs 10.44 lakh crore from Rs 8.58 lakh crore in the year-ago period.
These developments precede the government's target of achieving "Insurance for All" by 2047; the upcoming 2025 Union Budget is expected to introduce several initiatives aimed at boosting the insurance sector. Industry stakeholders are particularly hopeful for incentives, such as tax deductions, and have long been advocating for a reduction in the Goods and Services Tax rates on health and term insurance products.
Key expectations also include a dedicated tax deduction for life insurance premiums under Section 80C, a revision of income tax slabs and exemption limits to enhance disposable incomes, and measures to encourage higher investments in insurance products. Avinash G Singh, head of investment research and analytics at Aranca, said.
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