Higher refunds have mainly led to a fall in the net direct tax collection in the country in the period from April 1 – July 10, revealed government data on Friday.
The total net direct tax collected in this time was about ₹5.63 lakh crore, signaling a 1.34 per cent drop over ₹5.70 lakh crore collected in the year-ago period.
The net refunds issued so far this fiscal year jumped 38 per cent to ₹1.02 lakh crore. The gross collections before refunds stood at ₹6.65 lakh crore from April 1-July 10, posting a 3.17 per cent growth over ₹6.44 lakh crore in the year-ago period.
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Meanwhile, net corporate tax collection stood around ₹2 lakh crore, while non-corporate tax (which includes individuals, HUFs and firms) was at ₹3.45 lakh crore. Securities transaction tax mop-up was ₹17,874 crore, between April 1 and July 10.
In the current fiscal year, the government has projected its direct tax collections at ₹25.20 lakh crore, up 12.7 per cent year-on-year. The government aims to collect ₹78,000 crore from STT in FY26.
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