Corporate Tax Surge Pushes India’s Net Direct Tax Mop-Up to Rs 22.8 Lakh Crore
The data further showed that advance tax collections during the period rose 6.42 per cent to Rs 11.13 lakh crore, with the increase partly moderated by weaker growth in non-corporate tax payments.
New Delhi: Led by robust growth in corporate tax receipts, the government on Wednesday said that India’s net direct tax collections stood at 7.19 per cent year-on-year to Rs 22.8 lakh crore as on March 17 in the current financial year, according to the finance ministry's data.
The ministry's data also showed that the gross direct tax collections rose to Rs 27.14 lakh crore, up by 4.86 per cent from a year ago, while refunds declined 5.86 per cent to Rs 4.34 lakh crore, aiding the rise in net collections.
The overall net direct tax mop-up includes net corporate tax of Rs 10.91 lakh crore, non-corporate tax of Rs 11.32 lakh crore and securities transaction tax (STT) of Rs 55,717 crore. With the data, ithas been observed that the corporate tax remained the key driver of growth, with net collections rising to 10.91 lakh crore from Rs 9.68 lakh crore in the year-ago period, an increase of about 12.8 per cent.
However, the overall data showed a steady momentum in FY26, with the latest provisional data indicating moderate growth even as the government banks on stronger gains to meet its Budget targets.
The data further showed that advance tax collections during the period rose 6.42 per cent to Rs 11.13 lakh crore, with the increase partly moderated by weaker growth in non-corporate tax payments.