New Delhi:
India’s net direct tax collection for the current financial year registered a marginal decline of 1.34%, reaching approximately Rs 5.63 lakh crore by July 10, according to official data released by the government on Friday. The dip has been primarily attributed to a rise in tax refunds during the period.
Breaking down the figures, net corporate tax collections amounted to around Rs 2 lakh crore, while non-corporate tax — which includes contributions from individuals, Hindu Undivided Families (HUFs), and firms — stood at Rs 3.45 lakh crore. Additionally, the mop-up from Securities Transaction Tax (STT) was Rs 17,874 crore during the April 1 to July 10 window.
Net tax collections slightly down
Total net collections stood at Rs 5.63 lakh crore, registering a decline of 1.34 per cent over Rs 5.70 lakh crore collected in the year-ago period. Net refunds issued so far this fiscal year jumped 38 per cent to Rs 1.02 lakh crore.
Gross collections show modest growth
Gross collections (before refunds) stood at Rs 6.65 lakh crore from April 1-July 10, posting a 3.17 per cent growth over Rs 6.44 lakh crore in the year-ago period. In the current fiscal year, the government has projected its direct tax collections at Rs 25.20 lakh crore, up 12.7 per cent year-on-year. The government aims to collect Rs 78,000 crore from STT in FY26.