The government has mopped up Rs 98,681 crore from long term capital gains tax on listed equities in 2022-23, up 15% over the year-ago period.

Minister of State for Finance Pankaj Chaudhary gave details of collections from Long Term Capital Gains (LTCG) tax between fiscal 2018-19 and 2022-23 in the Rajya Sabha.

The long term capital gains on equities and units of equity oriented mutual funds were brought in from April 2018. Such gains were taxed at 10%, with gains of up to Rs 1 lakh annually being exempted.

As per the details shared with the Parliament, Rs 98,681.34 crore was collected from LTCG in 2022-23, up 15% over Rs 86,075.49 crore collected in 2021-22 fiscal.

The collection was about Rs 38,589 crore in 2020-21, Rs 26,008 crore in 2019-20 and Rs 29,220 crore in 2018-19, PTI reported.

To a question on whether the government is contemplating to abolish the LTCG tax on equities/mutual funds during 2024-25, Chaudhary said, "There is no such proposal".

The Budget for 2024-25, announced on 23 July, hiked LTCG tax on equities and equity oriented mutual funds to 12.5%, from 10% earlier. The exemption threshold was also hiked to Rs 1.25 lakh, from Rs 1 lakh previously.

The holding period for equities for the purpose of calculating long term capital gains is more than 12 months.