New Delhi, June 18: Net direct tax collection grew 14.64 per cent to over Rs 5.21 lakh crore till June 17 this fiscal year on higher advance tax mop-up from corporates, government data showed on Thursday.
Net corporate tax collection rose 22 per cent to Rs 2.08 lakh crore, and mop-up from net non-corporate tax (NCT), which includes taxes paid by individuals, HUFs, firms, grew 8 per cent to about Rs 2.94 lakh crore till June 17.
Mop-up from Securities Transaction Tax (STT) grew 45 per cent to Rs 18,856 crore.
Advance Tax collection grew 15.30 per cent to over Rs 1.78 lakh crore.
This includes 16 per cent growth in mop-up from corporates at over Rs 1.40 lakh crore, and 13 per cent increase in NCT at Rs 37,620 crore.
Refunds worth Rs 89,026 crore was issued till May 17, registering an increase of 1.19 per cent over the year-ago period.
On a gross basis, direct tax collection increased 12.46 per cent to over Rs 6.10 lakh crore. This includes corporate tax of over Rs 2.76 lakh crore and NCT of about Rs 3.15 lakh crore. 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 Rs 23.40 lakh crore collected in FY26.
Deloitte India Partner Rohinton Sidhwa said overall it appears that tax collections have shrugged off the degrowth caused by previous years’ rate cut and once again resumed the growth path.
EY India Tax Partner Jayesh Sanghvi said the advance tax growth indicates a reversal trend from the tepid growth of corresponding period last year on both corporate and non-corporate.
“This is a forward indicator of potential business confidence. Interestingly, the STT growth stands out indicating continued heightened market activity following from buoyant corporate results for FY 2025-26,” Sanghvi said. (PTI)
