NEW DELHI: Gross direct tax collections in the current financial year up to January 11 have seen a 4.14% annualised growth to about ₹21.5 lakh crore, driven by higher corporate tax revenues, according to the government data released on Monday.
Net direct tax revenues grew by about 9% to approximately ₹18.38 lakh crore in 2025-26 (as on January 11) on lesser refunds as compared to the same period of previous financial year.
Total refunds in the current period were ₹3.12 lakh crore, about 17% dip from ₹3.75 lakh crore in the same period of previous year, the data released by the income-tax department said.
Net proceeds included net corporate tax revenues of over ₹8.63 lakh crore and tax from non-corporates came to around ₹9.30 lakh crore. Non-corporate tax, includes personal income tax (PIT).
Securities Transaction Tax (STT) revenues were at ₹44,867 crore in 2025-26 (up to January 11), data showed.
The government has a target to collect ₹25.20 lakh crore revenues from direct taxes in the current financial year (2025-26).
“A 9% net collection growth is encouraging and seems to indicate that the government may be on track to achieve the year end target. However, it is on the back of significantly lower refunds being released to both corporate and individual taxpayers. Exact details of why the trends on refunds diverging significantly from previous year are not very apparent,” said Rohinton Sidhwa, partner at Deloitte India.
