New Delhi: Net direct tax collection has grown 7 per cent so far this fiscal year to over Rs 12.92 lakh crore on higher corporate tax mop-up and slower refunds.
Refund issuances dropped 18 per cent to over Rs 2.42 lakh crore between April 1 and November 10.
Net corporate tax collection during the period stood about Rs 5.37 lakh crore, up from Rs 5.08 lakh crore in the same period in 2024.
Non-corporate tax, including individuals and HUFs, mop-up so far this fiscal year stood around Rs 7.19 lakh crore, up from about Rs 6.62 lakh crore in the same period last year.
Securities Transaction Tax (STT) collection stood at Rs 35,682 crore so far this fiscal year, marginally lower than Rs 35,923 crore in the year -ago period.
Net direct tax collection, which include personal income tax and corporate tax, recorded a 7 per cent growth year-on-year at over Rs 12.92 lakh crore till November 10 this fiscal year. It was about Rs 12.08 lakh crore in the year-ago period.
Gross direct tax collection, before adjusting refunds, stood at over Rs 15.35 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 Rs 25.20 lakh crore, up 12.7 per cent year-on-year. The government aims to collect Rs 78,000 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. Refunds on the other hand have come down very significantly.
“STT collections have largely been flat — reflecting the sideways movement of the indices. Given the IPO expansion there is potential there for more growth,” Sidhwa said.
