New Delhi: The net direct tax collection grew 16.40 per cent to over Rs 6.51 lakh crore till July 13 this fiscal, driven by higher corporate tax mop-up, government data showed Tuesday.
The net corporate tax collection rose 22 per cent to Rs 2.40 lakh crore, and mop-up from net non-corporate tax (NCT), which includes taxes paid by individuals, HUFs, and firms, grew about 12 per cent to over Rs 3.84 lakh crore till July 13. Securities Transaction Tax (STT) grew 48 per cent to Rs 26,429 crore.
Refunds worth Rs 1.22 lakh crore were issued during the period, up 14.57 per cent over the year-ago period.
On a gross basis, direct tax collection increased 16.11 per cent to over Rs 7.73 lakh crore. This includes corporate tax mop-up of over Rs 3.35 lakh crore and NCT of about Rs 4.12 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 the direct tax numbers seem to indicate that corporate earnings do not seem to have been hit by the war or a slowdown, and profits seem to be largely insulated.
EY India Tax Partner Jayesh Sanghvi said a notable feature of the current trend is stronger growth in corporate tax collections relative to personal income tax collections and healthy advance tax payments by corporates. At the same time, robust personal income tax collections point to continued improvements in compliance and formalisation.
Price Waterhouse & Co LLP Partner Hitesh Sawhney said corporate tax collections remain a key source of strength in direct tax numbers, reflecting resilient corporate profitability and steady compliance. Net corporate tax collections have already reached around 19.5 per cent of the Budget Estimates, while net non-corporate tax collections stand at 27.6 per cent.
Overall, the trends suggest that direct tax mobilisation is on a firm footing for the year, Sawhney said.
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