Direct tax collections up 11.8% to ₹14.42 lakh crore in FY27 so far
Synopsis
India has already collected ₹14.42 lakh crore in net direct taxes — 53% of its full-year target — by November 10, with a 51.56% surge in Securities Transaction Tax signalling just how much equity market frenzy is now feeding government revenues. The pace puts the Centre on track to meet or beat its ₹26.97 lakh crore FY27 budget estimate.
Key Takeaways
Net direct tax collections rose 11.76% year-on-year to ₹14.42 lakh crore as of November 10, 2026 .
Gross direct tax collections increased 14.02% to ₹17.50 lakh crore ; refunds climbed 26% to ₹3.08 lakh crore .
Securities Transaction Tax (STT) collections surged 51.56% to ₹54,077.90 crore , the fastest-growing component.
Net corporate tax collections reached ₹6.32 lakh crore , up from ₹5.36 lakh crore a year earlier.
The government has budgeted ₹26.97 lakh crore in direct taxes for FY27 ; 53% of that target has already been achieved.
India's net direct tax collections surged 11.76 per cent year-on-year to ₹14.42 lakh crore between April 1 and November 10, 2026, according to data released by the Income Tax Department on Wednesday. The figure compares with ₹12.90 lakh crore collected during the corresponding period of FY26, and already represents roughly 53 per cent of the government's full-year budget target of ₹26.97 lakh crore.
Gross Collections and Refunds
Gross direct tax collections — receipts before adjusting for refunds — rose 14.02 per cent to ₹17.50 lakh crore, up from ₹15.35 lakh crore a year earlier. Refunds issued during the same period climbed nearly 26 per cent to ₹3.08 lakh crore, reflecting faster processing of pending taxpayer claims.
Corporate Tax and Individual Tax Breakdown
Net corporate tax collections rose to ₹6.32 lakh crore from ₹5.36 lakh crore in the year-ago period, signalling sustained profitability across sectors. Net non-corporate tax collections — covering individuals, Hindu Undivided Families (HUFs), firms, associations of persons (AoPs), bodies of individuals (BoIs), local authorities and artificial juridical persons — increased to ₹7.56 lakh crore from ₹7.18 lakh crore, pointing to a broadening formal income base.
STT Surge Reflects Market Activity
Securities Transaction Tax (STT) collections posted the sharpest growth in the data set, rising 51.56 per cent to ₹54,077.90 crore from ₹35,681.88 crore in the prior-year period. The outsized jump tracks elevated equity market volumes, particularly in derivatives, which have remained high through much of FY27. Notably, STT receipts are classified within direct taxes and therefore contribute to the headline collection figure.
Budget Target and Fiscal Trajectory
The government has set a ₹26.97 lakh crore direct tax target for FY27, implying a 15 per cent growth over the ₹23.40 lakh crore collected in FY26. With roughly half the fiscal year elapsed and 53 per cent of the target already met, the trajectory suggests the Centre is on course to meet — or modestly exceed — its budget estimate, provided corporate earnings and market activity hold up in the second half. This comes amid a broader push by the Income Tax Department to widen the taxpayer base and improve compliance through faceless assessments and pre-filled returns. How collections perform in the remaining months, particularly during the advance tax instalment due in December 2026, will be closely watched by fiscal analysts.
Point of View
But the real story is the STT surge — a 51.56% jump driven by high-volume equity and derivatives trading, not by a structural expansion of the income tax base. If market volumes normalise in the second half, the composition of collections could shift materially, making the December advance tax instalment a critical data point. The 53% achievement against target by mid-November is reassuring on the fiscal arithmetic, but the Centre's dependence on market-linked revenue streams adds a layer of volatility that budget projections traditionally understate.
NationPress
11 Nov 2026
Frequently Asked Questions
What are India's net direct tax collections for FY27 so far?
India's net direct tax collections reached ₹14.42 lakh crore between April 1 and November 10, 2026, an 11.76% increase over ₹12.90 lakh crore collected in the same period of FY26. This figure covers taxes paid by companies, individuals, HUFs, and other entities.
What is the government's full-year direct tax target for FY27?
The government has budgeted ₹26.97 lakh crore in direct tax collections for FY27, representing 15% growth over the ₹23.40 lakh crore collected in FY26. As of November 10, about 53% of that target has already been met.
Why did Securities Transaction Tax collections jump so sharply?
STT collections surged 51.56% to ₹54,077.90 crore from ₹35,681.88 crore a year earlier, reflecting elevated equity market trading volumes — particularly in derivatives — through much of FY27. STT is levied on stock and derivative transactions and is classified as a direct tax.
How much did direct tax refunds rise in FY27?
Refunds increased by nearly 26% to ₹3.08 lakh crore during the current financial year up to November 10, compared to the same period in FY26. The rise reflects faster processing of pending taxpayer claims by the Income Tax Department.
What is the difference between gross and net direct tax collections?
Gross direct tax collections represent total tax receipts before deducting refunds issued to taxpayers, while net collections are the gross figure minus refunds. Gross collections stood at ₹17.50 lakh crore as of November 10, while net collections were ₹14.42 lakh crore after ₹3.08 lakh crore in refunds.
