|
India's net direct tax collections for FY 2025-26 stood at Rs 6.64 lakh crore as on August 11, down 3.95 per cent from Rs 6.91 lakh crore collected during the same period last year, Income Tax Department data shows.
The data suggests that a rise in the tax refund was the major reason behind the decline. Refunds rose nearly 10 per cent year-on-year to Rs 1.35 lakh crore, with corporate refunds climbing 21 per cent to over Rs 1.03 lakh crore, partly offsetting gross gains. The data shows that the corporate tax collections rose 2.9 per cent to Rs 2.29 lakh crore after refunds, supported possibly by better profitability and tax compliance among large companies. In contrast, non-corporate tax collections dropped 7.5 per cent to Rs 4.12 lakh crore, indicating slower income growth or deferred payments from smaller businesses and individuals. Gross direct tax collections before refunds fell 1.87 per cent to Rs 7.99 lakh crore. Corporate tax in this category rose 8 per cent to Rs 3.33 lakh crore, while non-corporate tax fell 8 per cent to Rs 4.43 lakh crore. Securities Transaction Tax (STT) collections grew 3.5 per cent to Rs 22,362 crore, reflecting continued market activity, but "other taxes" plunged over 80 per cent due to the absence of last year's one-off receipts. India's direct tax collections, in gross terms, have witnessed a robust growth of 3.2 per cent year-on-year so far in 2025-26, reaching Rs 6.64 lakh crore, data released by the Central Board of Direct Taxes (CBDT) showed. In 2024-25 same period, it was Rs 6.44 lakh crore. This rise in collections is attributed to higher corporate tax revenues and securities transaction tax (STT) receipts. Non corporate tax trails. (ANI)
|
