India's net direct tax collections have risen 11.76% year-on-year to ₹14.42 lakh crore as of November 10. This growth is largely due to increased corporate tax receipts and a significant rise in securities transaction tax collections. Refunds have...
By ET Bureau |
IANS
The government has achieved 53.5% of its FY27 direct tax target.
New Delhi: India's net direct tax collections rose 11.76% year-on-year to ₹14.42 lakh crore as of November 10, supported by strong corporate tax receipts and a sharp increase in securities transaction tax (STT) collections.
The government has achieved 53.5% of its FY27 direct tax target of ₹26.97 lakh crore.
The growth came despite a sharp increase in refunds, which rose 26% year-on-year to ₹3.08 lakh crore.
Gross direct tax collections before adjusting for refunds rose 14% to ₹ 17.50 lakh crore, according to official data. Corporate taxes continued to drive collections. Net corporate tax receipts rose 18% to ₹6.32 lakh crore, while net non-corporate tax collections grew at a slower pace of 5.3% to ₹7.56 lakh crore.
The latter category includes taxes paid by individuals, firms and Hindu Undivided Families. The divergence in growth rates suggests that corporate tax payments are providing stronger support to revenue collections than personal income tax receipts.
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STT collections recorded the sharpest growth, surging 52% to ₹54,078 crore, reflecting higher receipts from securities market transactions amid increased retail activity.
On a gross basis, corporate tax collections stood at ₹8.01 lakh crore, while non-corporate tax collections amounted to ₹8.94 lakh crore.
The government has budgeted ₹26.97 lakh crore in direct tax collections for FY27, 15% higher than the ₹23.40 lakh crore collected in FY26.
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