What is the story about?
As government streamlines refunds, India’s net direct tax collections have declined by 3.95% to ₹6.64 lakh crore in the current fiscal year (April 1 to August 11).
According to data released by the income
tax department on Tuesday, August 12, direct taxes, which include income tax paid by companies, individuals, professionals, and other entities, saw net corporate tax receipts at around₹2.29 lakh crore, while non-corporate taxes — covering individuals, Hindu Undivided Families (HUFs), and firms — stood at ₹4.12 lakh crore.
The Securities Transaction Tax (STT) collections reached ₹22,362 crore during the same period.
Total net direct tax collections of ₹6.64 lakh crore mark a decline from ₹
6.91 lakh crore collected in the same period last fiscal (2024-25).
Read more: From tea stalls to tax payments: How Indians swiped their way through ₹25 lakh crore on UPI in July
Refunds issued have increased by 10% to ₹1.35 lakh crore, impacting the net mop-up. Meanwhile, gross direct tax collections (before refunds) dipped 1.87% to ₹7.99 lakh crore from ₹8.14 lakh crore a year earlier.
For the entire fiscal 2025-26, the government projects direct tax collections to rise by 12.7% to ₹
25.20 lakh crore. It also aims to garner₹78,000 crore from STT during the year.
According to data released by the income
The Securities Transaction Tax (STT) collections reached ₹22,362 crore during the same period.
Total net direct tax collections of ₹6.64 lakh crore mark a decline from ₹
Read more: From tea stalls to tax payments: How Indians swiped their way through ₹25 lakh crore on UPI in July
Refunds issued have increased by 10% to ₹1.35 lakh crore, impacting the net mop-up. Meanwhile, gross direct tax collections (before refunds) dipped 1.87% to ₹7.99 lakh crore from ₹8.14 lakh crore a year earlier.
For the entire fiscal 2025-26, the government projects direct tax collections to rise by 12.7% to ₹
Do you find this article useful?
