India’s Net Direct Tax Collections Rise 13% To ₹12.12 Lakh Crore In FY27 So Far
India’s net direct tax collections witnessed a strong rise in the current financial year, increasing 12.96% year-on-year to ₹12.12 lakh crore as of September 17, according to data released by the Income Tax Department. Gross direct tax collections before refunds stood at ₹14.32 lakh crore, marking a growth of 15.19% compared with the corresponding period last year. Refunds issued during the…
India's net direct tax collections surged 12.96% year-on-year to ₹12.12 lakh crore by September 17, according to data from the Income Tax Department. Gross direct tax collections, excluding refunds, rose 15.19% to ₹14.32 lakh crore compared to the same period last year. Refunds issued during the period amounted to ₹2.20 lakh crore, marking a 29.19% increase from the previous year.
Corporate tax collections climbed to ₹5.56 lakh crore, up from ₹4.65 lakh crore, while non-corporate tax collections grew to ₹6.16 lakh crore, up from ₹5.81 lakh crore. The gross GST collections also increased 15% to ₹2 lakh crore in August. Additionally, Securities Transaction Tax (STT) collections saw significant growth, rising to ₹40,214.36 crore compared to ₹26,305.72 crore in the previous year.
The data reflects a broader taxpayer base, with total direct tax collections before refunds reaching ₹14.32 lakh crore, up from ₹12.44 lakh crore in the corresponding period last year.
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