Tax Buoyancy: Net direct collections climb 7% to Rs 12.92 lakh crore in April–November

India’s net direct tax collection grew 7 per cent to Rs 12.92 lakh crore between April 1 and November 10, according to official government data. The increase has been driven largely by higher corporate tax receipts and a slower pace of refund issuances.

Refunds during this period fell sharply by 18 per cent to Rs 2.42 lakh crore, compared to the same period last year. The decline in refund outgo boosted net collections even as overall gross collection growth stayed modest.

Also Read: I-T Dept's 6-month net direct tax collections up 9%; refunds drop 24%: Key takeaways

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Corporate, personal tax mop-up improves

Gross direct tax collections before refunds stood at Rs 15.35 lakh crore, a 2.15 per cent rise over last year’s Rs 15.03 lakh crore. Net direct tax collections — comprising personal income tax and corporate tax — increased from Rs 12.08 lakh crore last year to Rs 12.92 lakh crore this fiscal up to November 10.

Corporate tax collections continued to support the overall numbers. Net corporate tax mop-up reached about Rs 5.37 lakh crore during the period, up from Rs 5.08 lakh crore a year earlier. Non-corporate tax collections, which include individuals and HUFs, rose to around Rs 7.19 lakh crore from Rs 6.62 lakh crore last year.

Also Read: India's net direct tax collection declined 1.34% in FY 2025-26 till July 10; refunds see 38% jump

STT marginally lower

Securities Transaction Tax (STT) collections remained nearly flat, coming in at Rs 35,682 crore compared to Rs 35,923 crore in the corresponding period last fiscal. The marginal dip signals subdued market turnover in recent months.

For the full financial year, the government has set an ambitious direct tax collection target of Rs 25.20 lakh crore, reflecting a 12.7 per cent projected growth. It also aims to mobilise Rs 78,000 crore from STT in FY26.