India’s net direct tax collection rises 6.33% to over ₹11.89 lakh crore till October 12

India’s net direct tax revenue climbed 6.33 per cent to over ₹11.89 lakh crore in the current fiscal year (till October 12), driven by stronger corporate tax collections and slower refund payouts, according to data released by the Income Tax Department.

The total gross direct tax collection stood at ₹13.92 lakh crore, up from ₹13.60 lakh crore during the same period last year. Refunds issued declined to ₹2.03 lakh crore, a fall of nearly 16% compared to ₹2.41 lakh crore in FY 2024-25.

Within the net collection, corporate tax receipts increased to ₹5.02 lakh crore from ₹4.91 lakh crore, while non-corporate tax collections (including individuals and HUFs) rose to ₹6.56 lakh crore from ₹5.94 lakh crore.

The Securities Transaction Tax (STT) contribution grew marginally to ₹30,878 crore, while other minor taxes totalled ₹294 crore.

For the full fiscal year 2025-26, the government has set a direct tax collection target of Rs 25.20 lakh crore, aiming for a 12.7% increase over the previous year. The government also plans to raise Rs 78,000 crore from STT in the current fiscal.