Direct tax collections rise 7% to Rs 12.9L cr
Corporate tax gains and lower refunds lift mop-up; non-corporate income tax shows strong growth
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New Delhi: Net direct tax collection has grown seven per cent so far this fiscal year to over Rs12.92 lakh crore on higher corporate tax mop-up and slower refunds. Refund issuances dropped 18 per cent to over Rs2.42 lakh crore between April 1 and November 10. Net corporate tax collection during the period stood about Rs5.37 lakh crore, up from Rs5.08 lakh crore in the same period in 2024. Non-corporate tax, including individuals and HUFs, mop-up so far this fiscal year stood around Rs7.19 lakh crore, up from about Rs6.62 lakh crore in the same period last year. Securities Transaction Tax (STT) collection stood at Rs35,682 crore so far this fiscal year, marginally lower than Rs35,923 crore in the year-ago period. Net direct tax collection, which include personal income tax and corporate tax, recorded a seven per cent growth year-on-year at over Rs12.92 lakh crore till November 10 this fiscal year. It was about Rs12.08 lakh crore in the year-ago period.
Gross direct tax collection, before adjusting refunds, stood at over Rs15.35 lakh crore so far this fiscal year, a 2.15 per cent growth over the year-ago period. In the current fiscal year, the government has projected its direct tax collection at Rs25.20 lakh crore, up 12.7 per cent year-on-year. The government aims to collect Rs78,000 crore from STT in FY26. Rohinton Sidhwa, Partner, Deloitte India, said the data shows that, remarkably, non-corporate tax collections have kept pace in spite of the very significant rate cut last year. This is a very good sign, showing stronger growth of income levels.
