Daijiworld Media Network- New Delhi

New Delhi, Feb 12: India’s direct tax collections have surged by 19.06% year-on-year (YoY), reaching Rs 21.88 lac cr in the current financial year (up to February 10), according to the latest data released by the income tax department.

The impressive growth is primarily attributed to higher corporate and non-corporate tax revenues, along with a sharp rise in securities transaction tax (STT) collections.

• Gross direct tax collection: Rs 21,88,508 cr (up from Rs 18,38,194 cr in the same period last year)

• Corporate Tax (CT) collection: Rs 10,08,207 cr (up from Rs 8,74,561 cr)

• Non-Corporate Tax (NCT) collection: Rs 11,28,040 cr (up from Rs 9,30,364 cr)

• Securities Transaction Tax (STT) collection: Rs 49,201 cr (up from Rs 29,808 cr)

• Other taxes (including wealth tax): Declined marginally from Rs 3,461 cr to Rs 3,059 cr

• Tax refunds issued: Rs 4,10,105 cr (up by 42.63%)

After adjusting for refunds, the net direct tax collection stands at Rs 17,78,402 cr, marking a 14.69% increase from Rs 15,50,663 crore recorded in the same period last year.

The surge in tax collections reflects India’s strong economic resilience despite global uncertainties. The rise in revenue strengthens the government’s fiscal position, reducing reliance on borrowings while creating more room for public spending on infrastructure, social welfare, and other critical sectors.

With two months left in the financial year, direct tax collections are expected to exceed budget estimates, further reinforcing India’s economic growth trajectory.