Net direct tax collections rose by 7.19% year-on-year to reach Rs 22.80 lakh crore as of March 17, according to the latest data from the Income Tax Department. This total comprises Rs 10.91 lakh crore from corporate tax, Rs 11.32 lakh crore from non-corporate tax, and Rs 55,717 crore from securities transaction tax (STT).
STT collections saw a rise to nearly Rs 55,717 crore from Rs 53,095 crore in the previous year, while other taxes decreased to about Rs 365 crore from around Rs 3,400 crore. Advance tax collections also increased by 6.42% to Rs 11.13 lakh crore, with refunds issued amounting to Rs 4.35 lakh crore.
Gross direct tax collections, before refunds adjustment, stood at approximately Rs 27.15 lakh crore as of March 17, marking a 4.86% increase year-on-year. Additionally, the Central government’s net direct tax collections reached Rs 18.37 lakh crore between April 1 and January 11 of the current financial year (2025-26), showing an 8.82% growth over the previous year.
Net corporate tax collections until January 11 were at Rs 8.63 lakh crore, reflecting a strong 12.41% increase compared to the same period in the previous year. The moderate rise is attributed to tax concessions announced in the Budget for 205-26, benefiting the middle class by exempting those earning up to Rs 12 lakh annually from paying tax.
