Tax surge: Net direct tax inflows cross Rs 12.92 lakh crore; collections up 7% in April-November period

India’s direct tax mop-up rose 7 per cent to over Rs 12.92 lakh crore between April 1 and November 10, lifted by stronger corporate tax inflows and a slowdown in refund issuances, latest government data showed.Refunds fell 18 per cent year-on-year to Rs 2.42 lakh crore during the period, aiding overall net collections, PTI reported. Net corporate tax stood at Rs 5.37 lakh crore, up from Rs 5.08 lakh crore a year earlier, while non-corporate tax – including individuals and HUFs – increased to Rs 7.19 lakh crore from Rs 6.62 lakh crore.Securities Transaction Tax (STT) collections were broadly stable at Rs 35,682 crore compared to Rs 35,923 crore last year. Gross direct tax collections, before adjusting for refunds, stood at Rs 15.35 lakh crore, up 2.15 per cent over the previous fiscal.The government has projected total direct tax receipts at Rs 25.20 lakh crore for FY26, a 12.7 per cent rise year-on-year, and aims to collect Rs 78,000 crore from STT.Rohinton Sidhwa, Partner at Deloitte India, said the steady rise in non-corporate tax collections despite last year’s rate cuts reflects healthier income growth. “This is a very good sign, showing stronger growth of income levels. Refunds, on the other hand, have come down very significantly,” he said.“STT collections have largely been flat, reflecting the sideways movement of the indices. Given the IPO expansion, there is potential for more growth,” Sidhwa added.