India's net direct tax collections rise 118 per cent

India’s net direct tax collections increased 11.76 per cent year-on-year to Rs 14.42 lakh crore as of November 10 in the current financial year (FY27), according to data released by the Income Tax Department on Wednesday. Net direct tax collections stood at Rs 12.90 lakh crore during the corresponding period of the previous financial year. Gross direct tax collections, before adjusting for refunds, rose 14.02 per cent to Rs 17.50 lakh crore, compared with Rs 15.35 lakh crore in the year-ago period.
Net corporate tax collections increased to Rs 6.32 lakh crore from Rs 5.36 lakh crore during the corresponding period last year. Meanwhile, Securities Transaction Tax (STT) collections surged 51.56 per cent to Rs 54,077.90 crore, against Rs 35,681.88 crore a year earlier. Net non-corporate tax collections, which include taxes paid by individuals, Hindu Undivided Families (HUFs), firms and other entities, rose to Rs 7.56 lakh crore from Rs 7.18 lakh crore in the corresponding period of the previous financial year.Direct tax refunds during the current fiscal year up to November 10 increased nearly 26 per cent to Rs 3.08 lakh crore.
The direct tax figures cover collections from companies, individuals, Hindu Undivided Families (HUFs), firms, associations of persons (AoPs), bodies of individuals (BoIs), local authorities and artificial juridical persons.The government has set a direct tax collection target of Rs 26.97 lakh crore for FY27, representing a 15 per cent increase over the Rs 23.40 lakh crore collected in FY26. As of November 10, the government had achieved around 53 per cent of its budgeted target, with net collections standing at Rs 14.42 lakh crore.