India’s net direct tax collections increased 13.21% year-on-year to ₹13,37,866.98 crore, or approximately ₹13.38 lakh crore, during the period from April 1 to October 14, 2026, according to data released by the Income Tax Department. Net collections stood at ₹11,81,786.98 crore during the corresponding period of the previous financial year, reflecting continued growth in the government’s direct tax receipts during FY 2026-27.
Gross direct tax collections rose 14.89% to ₹16.03 lakh crore, while refunds increased 24.22% to ₹2.65 lakh crore. Corporate tax was the stronger contributor among the major tax categories, with net collections rising 20.59% to approximately ₹5.99 lakh crore. Net non-corporate tax collections, which include income tax paid by individuals and other non-corporate taxpayers, increased 5.84% to about ₹6.92 lakh crore. Securities transaction tax (STT) collections also recorded strong growth, rising 51.58% to ₹46,840.43 crore.
Key Takeaways
- Net direct tax collections: ₹13.38 lakh crore as of October 14, 2026, up 13.21% year-on-year.
- Gross direct tax collections: ₹16.03 lakh crore, an increase of 14.89%.
- Tax refunds: ₹2.65 lakh crore, up 24.22% compared with the same period last year.
- Net corporate tax: ₹5.99 lakh crore, rising approximately 20.59%.
- Net non-corporate tax: ₹6.92 lakh crore, up 5.84%.
- STT collections: ₹46,840.43 crore, an increase of 51.58%.
- Main trend: Corporate tax and securities transaction tax recorded faster growth than non-corporate tax collections during the period.
Net Direct Tax Collections Reach ₹13.38 Lakh Crore
India’s net direct tax collections reached approximately ₹13.38 lakh crore in the first part of FY 2026-27, representing a 13.21% increase from the corresponding period a year earlier.
The figures cover collections received between April 1 and October 14, 2026. They provide a snapshot of the government’s direct tax revenue performance during the financial year, rather than a full-year result or a final assessment of annual tax receipts.
Net direct tax collections are calculated after deducting refunds from gross direct tax receipts. They therefore offer a view of the amount retained by the government after refunds are accounted for.
India’s direct tax collection figures
| Metric | April 1–October 14, 2026 | Year-on-year growth |
|---|---|---|
| Gross direct tax collections | ₹16.03 lakh crore | 14.89% |
| Direct tax refunds | ₹2.65 lakh crore | 24.22% |
| Net direct tax collections | ₹13.38 lakh crore | 13.21% |
| Net corporate tax collections | ₹5.99 lakh crore | 20.59% |
| Net non-corporate tax collections | ₹6.92 lakh crore | 5.84% |
| Securities transaction tax collections | ₹46,840.43 crore | 51.58% |
Source: Income Tax Department data reported by Moneycontrol and Financial Express.
The growth in net collections was slower than the growth in gross collections because refunds increased at a faster rate. This distinction matters when assessing the amount of revenue available to the government after tax refunds have been paid or accounted for.
The figures also show that different tax categories are contributing at different rates. Corporate tax collections recorded stronger growth than non-corporate tax collections, while STT receipts increased sharply from the year-earlier period.
Corporate Tax Collections Lead Growth
Net corporate tax collections rose to ₹5,99,062.48 crore, or approximately ₹5.99 lakh crore, by October 14, compared with ₹4,96,798.62 crore in the corresponding period of the previous financial year. This represents growth of around 20.59%.
Corporate tax is levied on the taxable income of companies. Collections can be influenced by corporate profitability, advance tax payments, tax deductions, refunds and the timing of payments during the financial year.
The increase in net corporate tax receipts was stronger than the growth in non-corporate tax collections. It suggests that corporate tax was an important contributor to the overall rise in net direct tax revenue during the reported period.
However, tax collection figures alone do not establish that every industry or company experienced higher profits. Aggregate receipts reflect the combined impact of payments across the corporate sector, as well as tax rules and the timing of collections.
Corporate tax: gross and net collections
| Corporate tax metric | FY 2026-27 through October 14 | Year-earlier period |
|---|---|---|
| Gross corporate tax | ₹7.53 lakh crore | ₹6.44 lakh crore |
| Refunds against corporate tax | ₹1.54 lakh crore | ₹1.47 lakh crore |
| Net corporate tax | ₹5.99 lakh crore | ₹4.97 lakh crore |
Source: Income Tax Department data reported by The Tribune and Financial Express. Figures are rounded.
Gross corporate tax collections rose to ₹7.53 lakh crore from ₹6.44 lakh crore a year earlier. Corporate tax refunds also increased, but at a slower pace than gross collections. As a result, net corporate tax receipts registered growth of more than 20%.
The figures will remain relevant as the financial year progresses because corporate tax payments can vary across reporting periods. A cumulative figure through October does not necessarily indicate the final growth rate for the full year.
Non-Corporate Tax Collections Rise 5.84%
Net non-corporate tax collections increased to ₹6,91,965.71 crore, or approximately ₹6.92 lakh crore, from ₹6,53,804.16 crore in the corresponding period last year. The increase was about 5.84%.
Non-corporate tax collections include income tax paid by individuals, Hindu Undivided Families, firms and other entities classified under the non-corporate category. The category therefore covers more than salary income tax alone.
The slower growth compared with corporate tax indicates that the two broad components of direct tax revenue have followed different trajectories during the reporting period.
Gross non-corporate tax collections increased to ₹8.03 lakh crore from ₹7.20 lakh crore. However, refunds in the category rose substantially, reducing the amount retained as net collections.
Non-corporate tax: gross and net collections
| Non-corporate tax metric | FY 2026-27 through October 14 | Year-earlier period |
|---|---|---|
| Gross non-corporate tax | ₹8.03 lakh crore | ₹7.20 lakh crore |
| Refunds against non-corporate tax | ₹1.11 lakh crore | ₹0.67 lakh crore |
| Net non-corporate tax | ₹6.92 lakh crore | ₹6.54 lakh crore |
Source: Income Tax Department data reported by The Tribune and Financial Express. Figures are rounded.
Refunds against non-corporate taxes increased to ₹1,11,279.55 crore from ₹66,549.75 crore a year earlier. The rise in refunds partly explains why net non-corporate collections grew more slowly than gross collections.
The data does not by itself explain why non-corporate refunds increased. Refund totals can reflect the timing of processing, tax deducted at source, advance tax payments and individual or business claims. A more detailed breakdown would be needed to identify the specific drivers.
Securities Transaction Tax Collections Jump 51.58%
Collections from securities transaction tax reached ₹46,840.43 crore as of October 14, 2026, compared with ₹30,901.81 crore in the corresponding period last year. That represents an increase of approximately 51.58%.
STT is a tax levied on specified transactions in securities carried out through recognised stock exchanges, subject to the applicable tax rules. It is separate from capital gains tax, which is calculated according to the relevant provisions governing gains from investments.
The strong increase in STT collections is notable because it reflects a rise in the tax collected on eligible securities transactions. It can be influenced by trading activity, transaction values, the mix of securities traded and applicable tax rates.
However, higher STT receipts should not be interpreted as proof that all investors earned profits or that the stock market rose by a corresponding percentage. STT is associated with eligible transactions, not simply the gains made by investors.
STT collection comparison
| Period | STT collections |
|---|---|
| April 1–October 14, 2026 | ₹46,840.43 crore |
| Corresponding period in 2025 | ₹30,901.81 crore |
| Year-on-year increase | 51.58% |
Source: Income Tax Department data reported by Financial Express and The Tribune.
The increase in STT also highlights the role of securities-market transactions in the government’s direct tax receipts. Yet STT remains only one component of overall direct tax collections, and its growth does not determine the direction of corporate or individual income tax revenue.
Why Refunds Are Growing Faster Than Gross Collections
Direct tax refunds rose 24.22% to ₹2.65 lakh crore, significantly faster than the 14.89% growth in gross direct tax collections.
Refunds arise when tax paid or deducted during the year exceeds the final tax liability determined under the applicable rules. The process can involve advance tax, tax deducted at source, self-assessment tax and claims made through filed income-tax returns.
An increase in refunds can therefore coexist with rising tax collections. Gross collections measure receipts before refunds are deducted, while net collections show the amount remaining after refunds.
How the figures connect
| Calculation | Amount |
|---|---|
| Gross direct tax collections | ₹16.03 lakh crore |
| Less: direct tax refunds | ₹2.65 lakh crore |
| Approximate net direct tax collections | ₹13.38 lakh crore |
The figures are rounded, so the calculation may not match the precise official total to the last crore.
Because refunds grew faster than gross collections, the growth rate of net direct tax revenue was lower than that of gross receipts. This does not necessarily indicate a deterioration in tax compliance or collection efficiency; the figures alone do not establish the reasons behind the change in refunds.
For taxpayers, the national refund total also does not determine when an individual refund will be credited. Each return must be verified and processed, and payments depend on the taxpayer’s specific records and refund status.
What the Tax Collection Figures Mean for Government Finances
Direct taxes are an important source of revenue for the central government. They help fund public expenditure and form part of the broader fiscal framework through which the government manages spending, borrowing and revenue.
Growth in net direct tax collections can support the revenue side of the government’s finances. However, the fiscal impact depends on the full-year collection trend, other revenue sources, expenditure commitments and the government’s fiscal targets.
The October 14 figures cover only part of the financial year. They should not be treated as a final indication of whether the government will meet its full-year direct tax target.
The composition of the growth also matters. Corporate tax, non-corporate tax and STT have different drivers, and their growth rates can change as additional payments and refunds are recorded in later months.
The Bigger Picture
India’s net direct tax collections increased 13.21% to ₹13.38 lakh crore through October 14, with corporate tax providing a stronger growth contribution than non-corporate tax. The rise in STT collections also points to a larger amount of tax collected on eligible securities transactions during the period.
At the same time, refunds increased 24.22%, partly offsetting the growth in gross receipts. The figures underline why gross collections, refunds and net collections need to be examined together rather than treated as interchangeable measures of government revenue.
What Happens Next?
The next useful indicator will be how direct tax collections develop through the remaining months of FY 2026-27. Corporate tax payments, individual tax receipts, securities transactions and refund processing will all influence the cumulative totals, while later official releases will provide a clearer view of progress against the government’s full-year revenue expectations.
Investors and businesses should also avoid drawing conclusions about individual company performance or stock-market returns from aggregate tax figures alone. The data offers a snapshot of government receipts across several tax categories, but further industry-level and company-level information would be required to explain the underlying economic drivers.
Frequently Asked Questions
1. What are India’s net direct tax collections as of October 14, 2026?
India’s net direct tax collections reached ₹13,37,866.98 crore, or approximately ₹13.38 lakh crore, up 13.21% from the corresponding period a year earlier.
2. Why did net direct tax collections grow more slowly than gross collections?
Gross direct tax collections rose 14.89%, while refunds increased 24.22%. Because refunds are deducted from gross collections to calculate net collections, the faster rise in refunds reduced the growth rate of net receipts to 13.21%.
3. Which tax category recorded the strongest growth?
Among the major categories reported, securities transaction tax collections increased approximately 51.58%, while net corporate tax collections rose 20.59%. Net non-corporate tax collections increased 5.84%.
4. Does higher STT collection mean stock-market investors made more profits?
Not necessarily. STT is levied on specified securities transactions under the applicable rules. Its collection can rise because of changes in transaction activity, values or the mix of trades; it is not a direct measure of investor profits or stock-market returns.
Sources
- Moneycontrol — “India’s net direct tax mop-up rises 13.2% to Rs 13.37 lakh crore till October 14.”
- Financial Express — “Net direct tax collections rise 13.21% to Rs 13.38 lakh crore till Oct 14 in FY27.”
- The Tribune — “Net direct tax collections rise 13.21% to Rs 13.38 lakh crore so far in FY27.”
- Income Tax Department, Government of India — Direct Taxes Data.
This article reflects information available as of October 15, 2026.
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