India’s net direct tax collections have increased by 13.21% year-on-year to Rs 13.38 lakh crore as of Oct 14 in the current financial year (FY27). The driving factors for this are higher corporate tax, non-corporate tax, and Securities Transaction Tax (STT) receipts.
Before adjusting for refunds, the gross direct tax collections have surged to 14.89 per cent to Rs 16.03 lakh crore, compared with Rs 13.95 lakh crore during the same period of the previous fiscal year. The issued refunds by the Income Tax Department have surged 24.22% year-on-year to Rs 2.65 lakh crore.
The new corporate tax collections have risen to Rs 5.99 lakh crore from Rs 4.97 lakh crore a year earlier, and net non-corporate tax collections, along with taxes paid by individuals and other non-corporate entities, have witnessed a rise to Rs 6.92 lakh crore from Rs 6.54 lakh crore.
The Securities Transaction Tax collections arrived with robust growth, increasing to Rs 46,840.43 crore from Rs 30,901.81 crore in the same period last year. However, the net collection under the ‘other taxes’ category stood negative at Rs 1.64 crore, whereas a year earlier it was positive at Rs 282.39 crore.
On a gross basis, corporate tax collections increased to Rs 7.53 lakh crore from Rs 6.44 lakh crore in the corresponding period of the previous year. There is a rise in gross non-corporate tax collections to Rs 8.03 lakh crore from Rs 7.20 lakh crore, while gross STT receipts increased to Rs 46,840.43 crore from Rs 30,901.81 crore.
Gross collections under the other taxes category have reduced to Rs 18.87 crore from Rs 301.22 crore in the year-ago period. The direct tax numbers include taxes paid by companies, individuals, Hindu Undivided Families (HUFs), firms, associations of persons (AoPs), bodies of individuals (BoIs), local authorities and artificial juridical persons.
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