India’s direct tax collections after refunds rose 16.4% year-on-year to Rs 6.51 lakh crore during April 1-July 13, data released by the Central Board of Direct Taxes (CBDT) on Tuesday showed.
The government has already achieved 24.1% of the budgeted direct tax collections target of Rs 26.97 lakh crore for 2026-27 (Apr-Mar). The pace of collections so far has exceeded the 11.4% growth projected in the Budget for FY27.
Corporate tax collections led the rise in direct taxes, growing 22% year-on-year to Rs 2.40 lakh crore after refunds. The Budget had projected corporate tax collections to grow 11% to Rs 12.31 lakh crore in FY27.
Personal income tax collections after refunds rose 11.7% on year to INR 3.84 lakh crore. These include taxes paid by individuals, Hindu Undivided Families, firms, local authorities, and artificial juridical persons.
Government collects Rs 26,429 crores in securities transaction tax (STT)
The government has collected Rs 26,429 crores in securities transaction tax (STT) till July 13, up 47.8% on-year. In the Budget, the government had projected STT collections to rise 15.8% on year to Rs 73, 700 crores. The sharp rise in STT collections reflects the increase in the tax on futures transactions to 0.05% from 0.02% in the Budget for FY27.
The government collected Rs 7.74 lakh crore in direct taxes, including refunds, during April 1-July 13, up 16.1% on year. The government issued refunds worth Rs 1.22 lakh crore till July 13, up 14.6% from a year ago.