Net Direct Tax Collection Soars To Rs 12.9 Lakh Crore In November
As per the data, 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
New Delhi: The net direct tax collections, which include personal income tax and corporate tax, soared significantly to 7 per cent to over Rs 12.9 lakh crore, while the gross collection stood at Rs 15.35 lakh crore after rising by 2.15 per cent for the period ending November 10. However, total refunds were down by 17.7 per cent year-on-year (YoY) amounting to Rs 2.42 lakh crore, according to the data collected from the income tax department.
As per the data, 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,” the data showed.
The data further showed that 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. “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,” it said.
With robust collections, the Centre has projected its direct tax collection at Rs 25.20 lakh crore in the current fiscal year, up 12.7 per cent year-on-year, while it aims to collect Rs 78,000 crore from STT in FY26. However, tax experts believe that despite a significant GST rate cut, the pace of collection will continue and will show a better growth in tax revenues.
“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,” said Rohinton Sidhwa, Partner, Deloitte India.
“The 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 added.