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Net direct tax collection dropped 3.95% to Rs 6.64 lakh crore this fiscal due to higher refunds.
India Net Direct Tax Collection Falls
Net direct tax collection dipped 3.95 per cent to Rs 6.64 lakh crore so far this fiscal, mainly on account on higher refunds, according to government data released on Tuesday.
Direct tax includes taxes on income paid by companies, individuals, and by professionals, and other entities.
Net corporate tax collection stood at about Rs 2.29 lakh crore, while non-corporate tax (which includes individuals, Hindu Undivided Families (HUFs) and firms) was at Rs 4.12 lakh crore. Securities Transaction Tax (STT) mop-up was Rs 22,362 crore between April 1-August 11.
Total net collections stood at about Rs 6.64 lakh crore, a 3.95 per cent fall over Rs 6.91 lakh crore collected in the same period last fiscal (2024-25).
Refunds issued so far this fiscal jumped 10 per cent to Rs 1.35 lakh crore.
Gross collections (before refunds) stood at Rs 7.99 lakh crore between April 1-August 11, a 1.87 per cent dip over Rs 8.14 lakh crore in the year-ago period.
In the current fiscal (2025-26), the government has projected its direct tax collection 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.
(This story has not been edited by News18 staff and is published from a syndicated news agency feed – PTI)
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