Tax Collections

Net direct tax collections rose 16.4% to ₹6.51 trillion by July 13, led by strong corporate tax growth and a sharp jump in securities transaction tax receipts

Gross direct tax collections increased 12.46 per cent to ₹6.1 trillion from ₹5.4 trillion recorded a year earlier

The government has marginally exceeded the indirect tax collection target for fiscal 2025-26, an official said on Thursday. The total indirect tax collection, which includes customs, excise and GST, as per Revised Estimates (RE) was pegged at over Rs 15.52 lakh crore for FY26. This includes Rs 2.58 lakh crore from customs duty, Rs 3.38 lakh crore from excise duty, and Rs 9.58 lakh crore from Central Goods and Services Tax (CGST). Without giving actual figures, the official said that revenues from customs duty came in at 102 per cent of RE, while in case of excise duty it was 101 per cent of RE. The Central GST collection came in at 100.8 per cent of RE for FY26. "Overall, GST plus non-GST collection came in at 101.2 per cent of RE," the official said. However, the collection from health and national security cess, which is levied on pan masala manufacturing has missed the target. The RE had pegged Rs 2,330 crore from the health and national security cess collection in FY26. Howeve

Gross GST collection increased 8.1 per cent to over Rs 1.83 lakh crore in February, led by higher growth in revenues from imports. Gross domestic revenue rose 5.3 per cent to about Rs 1.36 lakh crore, while gross import revenue climbed 17.2 per cent to Rs 47,837 crore. Total refunds were up 10.2 per cent at Rs 22,595 crore. Total net Goods and Services Tax (GST) collection stood at over Rs 1.61 lakh crore, up 7.9 per cent year-on-year. Net cess revenue was Rs 5,063 crore, down from Rs 13,481 crore in February last year.

Listed firms are benefiting from structural tailwinds which allow them to pull ahead of their unlisted peers

Budget 2026 lowers TCS on foreign education, medical remittances and overseas tours, easing cash flow for families and simplifying compliance for NRI property deals

Lowering TCS on overseas education and medical remittances under LRS to 2% is expected to ease cross-border transactions and bring predictability for families managing large foreign expenses

India contained its FY26 fiscal deficit at 54.5% of Budget Estimates for April-December, aided by higher non-tax revenues and controlled spending despite a December capex dip

Slower nominal GDP growth in FY26 may not hurt deficit math, but weak tax buoyancy and a slipping tax-to-GDP ratio signal rising stress on revenue collections

Net direct tax collections for FY 2025-26 rose 8 per cent to ₹17.04 trillion as on December 17, led by higher corporate tax and lower refunds

Consumer companies say that demand has already started to see some positive impact

Fleet operators' revenues to rise 8-10% in FY26 on strong domestic demand, infrastructure push, and GST cut, even as higher truck costs lift expenses

Of the total collection, the share of goods and services tax (GST) and value added tax (VAT) stood at ₹20,798 crore and ₹7,060 crore, respectively

The credit goes to higher GDP in nominal terms than considered by the Budget

Many of the studies in the latter approach combine data from all types of countries to obtain an estimate of potential revenue

This was marginally short of revised target; highest-ever refunds issued

Earlier, TCS under Section 206C (1F) was applicable primarily to the sale of motor vehicles above ₹10 lakh

Gross GST collection in March grew 9.9 per cent to over Rs 1.96 lakh crore, government data showed on Tuesday. GST revenue from domestic transactions rose 8.8 per cent to Rs 1.49 lakh crore, while revenue from imported goods was higher 13.56 per cent to Rs 46,919 crore. Total refunds during March rose 41 per cent to Rs 19,615 crore. After adjusting refunds, net GST revenue stood at over Rs 1.76 lakh crore in March 2025, a 7.3 per cent growth over the year-ago period.

Net direct tax collection grew 16.45 per cent year-on-year to over Rs 15.82 lakh crore till December 17 this fiscal, buoyed by higher advance tax mop-up, government data showed. Advance tax collection during the period rose 21 per cent to Rs 7.56 lakh crore. The collection includes corporate tax of over Rs 7.42 lakh crore and non-corporate tax mop-up of Rs 7.97 lakh crore. Securities Transaction Tax (STT) of Rs 40,114 crore was collected between April 1-December 17 of current fiscal year. Refunds worth Rs 3.39 lakh crore were issued during the period, registering a growth of 42.49 per cent year-on-year. Gross direct tax collection, which includes corporate, personal income tax and STT stood at over Rs 19.21 lakh crore, a 20.32 per cent growth over the collection in April 1-December 17, 2023.

There is a very high chance that the actual fiscal deficit target will undershoot even 4.9 per cent of GDP as there was a decline in government expenditure during the general elections