Summary of this article
Net non-corporate tax collections rose 12 per cent to Rs 3.84 lakh crore.
Overall net direct tax collections increased 16.40 per cent till July 13.
Income Tax Department issued refunds worth over Rs 1.22 lakh crore.
Net non-corporate tax collections, which include taxes paid by individuals, Hindu Undivided Families (HUFs), partnership firms and other non-corporate entities, rose about 12 per cent to over Rs 3.84 lakh crore till July 13 of the current financial year, according to government data released on Tuesday.
The increase came as overall net direct tax collections grew 16.40 per cent year-on-year to more than Rs 6.51 lakh crore during the same period.
Non-corporate tax primarily comprises personal income tax and taxes paid by non-corporate entities. The data shared by the Income Tax department has indicated a continued growth in tax collections during the initial months of FY27.
Corporate Tax Outpaces Non-Corporate Tax Growth
Corporate tax collections grew at a faster pace than non-corporate tax collections. Net corporate tax collections increased 22 per cent to around Rs 2.40 lakh crore till July 13.
Securities Transaction Tax (STT) collections also recorded strong growth, rising 48 per cent to Rs 26,429 crore.
On a gross basis, before adjusting for refunds, direct tax collections rose 16.11 per cent to more than Rs 7.73 lakh crore. Gross corporate tax collections stood at over Rs 3.35 lakh crore, while gross non-corporate tax collections crossed Rs 4.12 lakh crore.
The Income Tax Department issued refunds worth more than Rs 1.22 lakh crore during the period, an increase of 14.57 per cent compared with the corresponding period last year.
Progress Towards FY27 Tax Target
The government has set a direct tax collection target of Rs 26.97 lakh crore for FY27, compared with the Rs 23.40 lakh crore collected during FY26.
Based on the latest data, net direct tax collections have achieved about one-fourth of the annual target in the first few months of the financial year. Gross collections have also maintained double-digit growth compared with the same period last year.
Both corporate and non-corporate tax collections continued to rise in the early part of FY27, although corporate tax grew at a faster pace. At the same time, tax refunds also increased, with more than Rs 1.22 lakh crore returned to eligible taxpayers. The collection trends will continue to be tracked over the coming months as the government works towards meeting its direct tax target for the current financial year.
