New Delhi: Net direct tax collection grew 8 per cent to over Rs 17.04 lakh crore this fiscal till December 17 on slower refunds and higher advance taxes from corporates, the income tax department data showed on Friday.
Net corporate tax mop up grew 10.54 per cent to over Rs 8.17 lakh crore. Non-corporate tax (which includes taxes paid by individuals, HUFs, firms) grew 6.37 per cent at Rs 8.47 lakh crore.
Net revenue from Securities Transaction Tax (STT) rose marginally year-on-year at Rs 40,195 crore till December 17 of the current fiscal.
Advance tax paid by corporates showed a growth of 8 per cent to over Rs 6.07 lakh crore. Advance tax collection from non-corporates showed a de-growth of 6.49 per cent at over Rs 1.81 lakh crore. Overall, advance taxes grew 4.27 per cent to over Rs 7.88 lakh crore till December 17.
Refunds issuance dropped 14 per cent compared to last year to over Rs 2.97 lakh crore.
Gross direct tax collections, before adjusting refunds, recorded 4.16 per cent growth at over Rs 20.01 lakh crore till December 17, as per the income tax department data.
In the current fiscal (2025-26), 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.
Deloitte India Partner Rohinton Sidhwa said overall the corporate advance tax increase signals good corporate earnings. Non- corporate advance tax collections have however declined possibly on the back of rate cuts for individuals given in the previous budget.
Sidhwa said the drop in refund issuance is being attributed to higher amount of screening of any fraudulent refund claims. Holding back of refunds also accelerates litigation that the tax department can ill afford, he added.
