India's net direct tax collection up over 6 pc to Rs 11.89 lakh crore till Oct 12

New Delhi, Oct 13 (IANS) The Income Tax (I-T) Department on Monday released data on gross direct tax collections, refunds and net direct tax collections for FY 2025-26, saying India’s net direct tax revenue climbed 6.33 per cent to over Rs 11.89 lakh crore in the current fiscal year (till October 12).

The I-T Department said that total gross direct tax collection stood at Rs 13.92 lakh crore, up from Rs 13.60 lakh crore during the same period last fiscal.

This performance is driven by stronger corporate tax collections and slower refund payouts.

Also, refunds issued declined to Rs 2.03 lakh crore, a 16 per cent decrease compared to Rs 2.41 lakh crore in FY25.

While corporate tax receipts rose to Rs 5.02 lakh crore from Rs 4.91 lakh crore, non-corporate tax collections (including individuals and HUFs) went up to Rs 6.56 lakh crore from Rs 5.94 lakh crore.

For FY26, the Central government has set a direct tax collection target of Rs 25.20 lakh crore, a 12.7 per cent increase over the previous year.

In the mean time, the Securities Transaction Tax (STT) contribution grew marginally to Rs 30,878 crore for the reported period this fiscal.

Notably, India’s goods and services tax (GST) revenues rose 9.1 per cent year-on-year in September, reaching Rs 1.89 lakh crore, according to latest government data. This marks the fastest growth rate in four months and extends the streak of monthly inflows above Rs 1.8 lakh crore to nine consecutive months. The pickup is also the fastest in four months, compared with 6.5 per cent growth in August.

In the second quarter of FY26, collections reached Rs 5.71 lakh crore, a 7.7 per cent increase year-over-year, but slower than the 11.7 per cent growth witnessed in the previous quarter.

—IANS

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