India's net direct tax collections climb 16.4% to Rs 6.51 lakh crore

India's Income Tax Department reported that net direct tax collections rose 16.4% year‑on‑year to Rs 6.51 lakh crore as of 13 July 2026. The increase was led by corporate tax, which reached Rs 2.40 lakh crore (up more than 22%), and non‑corporate tax, which grew to Rs 3.85 lakh crore (about 12% higher). Securities Transaction Tax jumped over 44% to roughly Rs 26 000 crore. On a gross basis, direct tax receipts rose 16.11% to Rs 7.74 lakh crore, while refunds climbed 14.57% to Rs 1.22 lakh crore. The government has budgeted Rs 26.97 lakh crore in direct taxes for FY 2026‑27 and set a fiscal‑deficit target of Rs 16.96 lakh crore, indicating a strong fiscal position.