New Delhi: India’s net direct tax collections rose 16.4 per cent year-on-year to ₹6.51 lakh crore as of July 13 in the current financial year (FY27), driven by strong growth in corporate tax, non-corporate tax and Securities Transaction Tax (STT), according to data released by the Income Tax Department on Tuesday.
The lates figures supportin ibdiacte te steady growth figures indicate steady growth in tax revenues, supporting the government’s fiscal position in the early months of the financial year.
Corporate Tax, STT Register Strong Growth
Net corporate tax collections increased by over 22 per cent to around ₹2.40 lakh crore, while net non-corporate tax collections rose nearly 12 per cent to ₹3.85 lakh crore.
Collections from Securities Transaction Tax (STT) witnessed the sharpest increase, rising more than 44 per cent to over ₹26,000 crore, reflecting higher activity in the capital markets.
On a gross basis, corporate tax collections increased to ₹3.35 lakh crore, while non-corporate tax collections climbed to ₹4.12 lakh crore. Gross STT collections also rose to ₹26,428.96 crore.
Gross Collections Cross ₹7.74 Lakh Crore
According to the Income Tax Department, gross direct tax collections grew 16.11 per cent year-on-year to ₹7.74 lakh crore during the period.
The government also issued tax refunds worth ₹1.22 lakh crore, marking an increase of 14.57 per cent compared to the corresponding period last year.
The figures include taxes paid by companies as well as individuals, Hindu Undivided Families (HUFs), firms, associations of persons (AoPs), bodies of individuals (BoIs), local authorities and other taxable entities.
Government Targets ₹26.97 Lakh Crore in FY27
The Union government has set a target of collecting ₹26.97 lakh crore in direct taxes during FY27, representing a 15 per cent increase over the ₹23.40 lakh crore collected in FY26.
Separately, official data released by the Controller General of Accounts (CGA) showed that India’s fiscal deficit stood at ₹1.624 lakh crore during April-May FY27, accounting for 9.6 per cent of the full-year fiscal deficit target of ₹16.96 lakh crore.
The early fiscal numbers indicate that government finances remain broadly on track to achieve the Budget estimates for the current financial year.