The Centre’s net direct tax collection rose 13.21 per cent year-on-year (Y-o-Y) to ₹13.38 trillion as of October 14, supported by strong corporate tax receipts and a sharp jump in securities transaction tax (STT), even as refunds accelerated, provisional data released by the income-tax department on Thursday showed.
Gross direct tax collections stood at ₹16.03 trillion during the period, registering an annual growth of 14.89 per cent. Refunds increased 24.22 per cent to ₹2.65 trillion, compared with ₹2.13 trillion in the corresponding period last year.
Corporate tax collections remained robust, with gross collections rising 17 per cent to ₹7.53 trillion, while net collections increased 20.6 per cent to ₹5.99 trillion after refunds.
Non-corporate tax collection, which mainly comprises personal income tax, grew at a slower pace as refunds surged. Gross collections increased 11.5 per cent year-on-year to ₹8.03 trillion, while net collections rose 5.8 per cent to ₹6.92 trillion. Refunds under this category jumped 67.2 per cent to ₹1.11 trillion during the period, compared with ₹66,550 crore a year earlier.
Non-corporate tax accounted for about 50.1 per cent of gross direct tax collections, marginally higher than corporate tax’s share of 47 per cent. STT and other taxes accounted for the remaining share.
Richa Sawhney, Partner – Tax, Grant Thornton Bharat, said, "The latest direct tax numbers reflect healthy tax buoyancy, with broad-based growth across key revenue streams. Equally significant is the sharp increase in refunds, particularly for non-corporate taxpayers, which reflects the administration's focus on faster processing of taxpayer claims."