I-T relief slows direct tax receipt growth to 3.2%
India's direct tax collections grew just 3.17% this year, reaching ₹6.65 lakh crore by July 10—much slower than before.
Most of the money came from corporate and personal income taxes, plus a bit from stock market transactions.
Net collections down to ₹5.63 lakh crore
A massive jump in tax refunds (up 38%) pulled net collections down to ₹5.63 lakh crore—even though gross numbers went up.
The government says bigger refunds, new income tax slabs, and companies claiming more depreciation (thanks to higher spending) are behind it.
Finance Minister Sitharaman is speeding up refunds to help taxpayers and keep the economy moving.
Slower tax growth could affect government spending
This matters because slower tax growth could affect how much the government can spend on things that impact your life—like jobs or public services.
Plus, faster refunds might mean more money back in people's pockets right now.