Mumbai: There has been a sharp increase in revenue in the country’s treasures through securities transactions (STT) as a result of instability seen in the Indian stock market earlier in the current financial year. Data from the Central Bureau of Direct Taxes (CBDT) shows that the government has collected Rs 53,095 crore as STT till March 16 in the current financial year, compared to Rs 34,131 crore till 16 March in the last financial year.
The STT collection has seen a 55 percent increase in the stock market due to volatility. The total collection through direct taxes increased by 16.15 percent to Rs 25.86 lakh crore from Rs 22.27 lakh crore by March 16 of the last financial year.
In addition to corporate tax, there has also been a significant increase in direct tax collection due to more collection of STT. The corporate tax revenue was Rs 10.10 lakh crore till March 16 of the last financial year, which has increased to Rs 12.40 lakh crore by this period of the current financial year.
The number of non-corporate tax collection has increased from Rs 10.91 lakh crore to Rs 12.90 lakh crore. Taxes paid directly to the government by individuals and businesses are under direct tax revenue. Direct taxes include corporate taxes, income tax and STT.
After reducing the refund, the net collection of direct taxes increased by 13.13 percent to Rs 21.26 lakh crore.
The data also shows that the amount paid for the refund increased by 32.50 percent to Rs 4.60 lakh crore.
Increase in tax collection is a positive signal to the government’s fiscal health. As a result of the increase in revenue, the government’s dependence on borrowings decreases and the government also gets help in capital expenditure.
