Mumbai: India’s net direct tax collections rose 11.76% year-on-year to ₹14.42 lakh crore in the current financial year (FY27) up to November 10, compared with ₹12.90 lakh crore during the corresponding period last year, according to Income Tax Department data released on Wednesday.
The increase was supported by higher corporate tax receipts and a sharp rise in Securities Transaction Tax (STT) collections.
Gross Tax Growth
Gross direct tax collections, before adjusting for refunds, increased 14.02% to ₹17.50 lakh crore from ₹15.35 lakh crore in the corresponding period of FY26.
Net corporate tax collections climbed to ₹6.32 lakh crore from ₹5.36 lakh crore a year earlier, reflecting stronger tax receipts from companies.
Meanwhile, net non-corporate tax collections increased to ₹7.56 lakh crore, compared with ₹7.18 lakh crore last year.
This category includes taxes paid by individuals, Hindu Undivided Families (HUFs), firms and other entities.
STT Collections Surge
Securities Transaction Tax collections recorded a sharp increase of 51.56% to ₹54,077.90 crore, against ₹35,681.88 crore during the corresponding period last year.
STT is levied on certain transactions involving securities traded on recognised stock exchanges.
The significant rise in collections contributed to the overall growth in direct tax revenue during the financial year.
Refunds Rise 26%
Direct tax refunds increased nearly 26% to ₹3.08 lakh crore during FY27 up to November 10.
Higher refunds reduced the gap between gross and net collections, even as overall tax receipts maintained double-digit growth.
Budget Target
The government has set a direct tax collection target of ₹26.97 lakh crore for FY27, representing 15% growth over ₹23.40 lakh crore collected in FY26.
As of November 10, net collections of ₹14.42 lakh crore accounted for approximately 53% of the annual target.
The remaining collections will determine whether the government achieves its budgeted revenue estimate.
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Direct taxes remain an important source of government revenue, supporting public expenditure and fiscal management.
The latest figures indicate steady growth in tax receipts, although the final outcome will depend on collections during the remaining months of FY27.
