New Delhi, July 14: India’s net direct tax collections recorded a robust 16.4 per cent year-on-year growth to Rs 6.51 lakh crore as of July 13 in the current financial year, driven by higher corporate tax, non-corporate tax, and securities transaction tax (STT) collections, according to figures released by the Income Tax Department on Tuesday.
Net corporate tax collection grew over 22 per cent to around Rs 2.40 lakh crore, while net non-corporate tax collection recorded an increase of around 12 per cent to Rs 3.85 lakh crore. Securities Transaction Tax (STT) jumped over 44 per cent to over Rs 26,000 crore, the figures showed.
Gross direct tax collections increased 16.11 per cent to Rs 7.74 lakh crore during the period, while refunds issued rose 14.57 per cent to Rs 1.22 lakh crore, the data showed. On a gross basis, corporate tax collections increased to Rs 3.35 lakh crore from Rs 2.90 lakh crore, while non-corporate tax collections rose to Rs 4.12 lakh crore from Rs 3.58 lakh crore. Gross STT collections also increased to Rs 26,428.96 crore from Rs 17,875.88 crore.
The figures include taxes paid by corporates as well as non-corporate entities such as individuals, Hindu Undivided Families (HUFs), firms, associations of persons (AoPs), bodies of individuals (BoIs), local authorities, and artificial juridical persons. The government has budgeted to collect Rs 26.97 lakh crore from direct taxes in the current fiscal year, a 15 per cent growth over the Rs 23.40 lakh crore collected in FY26.
Meanwhile, India’s fiscal deficit stood at Rs 1.624 lakh crore in April-May of financial year 206-27 which accounts for 9.6 per cent of the full-year target, according to the latest data compiled by the Controller General of Accounts. The government has fixed a fiscal deficit target of Rs 16.96 lakh crore for the full financial year, which shows that the figures for the first two months reflect a strong fiscal position with the country on track to meet the target set in the Budget for 2026-27.
IANS
