Corporate, individual taxes lift direct tax collection by 8.82% to ₹18.38 lakh crore

India’s net direct tax collection grew 8.82% to over ₹18.38 lakh crore in the current financial year till January 11, according to data released by the Income Tax Department on January 12.

The total mop-up includes net corporate tax collections of more than ₹8.63 lakh crore, while taxes collected from non-corporates — including individuals, Hindu Undivided Families (HUFs) and other entities — stood at ₹9.30 lakh crore during the period.

Collections from Securities Transaction Tax (STT) amounted to ₹44,867 crore between April 1 and January 11, reflecting steady activity in capital markets.

Meanwhile, tax refunds issued during the period declined by 17 per cent year-on-year to ₹3.12 lakh crore.  On a gross basis, direct tax collections increased 4.14 per cent to approximately ₹21.50 lakh crore till January 11 of the ongoing fiscal year.

For FY26 (2025-26), the government has projected direct tax collections at ₹25.20 lakh crore, representing a growth of 12.7% over the previous year. As part of this, the Centre aims to mobilise ₹78,000 crore through Securities Transaction Tax in FY26.