Direct Tax Collections up to 11 January 2026: Detailed Analysis of Growth Trends

The Central Government’s direct tax collection figures for F.Y. 2025-26 as on 11.01.2026, when placed alongside the corresponding timeline in F.Y. 2024-25 (data as on 11.01.2025), reveal a picture of modest expansion in gross inflows but a comparatively stronger rise in net revenue. This improvement in net receipts is closely linked to a meaningful contraction in refunds, particularly in the non-corporate segment.

The data is segregated under four primary heads:

  • Corporate Tax (CT)
  • Non-Corporate Tax (NCT)*
  • Securities Transaction Tax (STT)
  • Other Taxes (OT)

Each head is reported under three parameters—Gross Collections, Refunds, and Net Collections—facilitating a granular review of the direct tax position of the Government.

Note:
NCT covers taxes paid by individuals, HUFs, Firms, AoPs, BoIs, Local Authorities, and Artificial Juridical Person.
STT denotes Securities Transaction Tax.
Data source: TINMIS.

Overview of Direct Tax Position (As on 11.01.2026)

Aggregate Movement in Direct Tax Collections

For the comparison period:

  • Total gross direct tax collections increased from ₹20,64,350.94 crore in F.Y. 2024-25 to ₹21,49,831.89 crore in F.Y. 2025-26.
  • This translates into a gross growth rate of 4.14%.
  • Total refunds issued reduced from ₹3,75,441.27 crore to ₹3,11,933.57 crore, reflecting a contraction of (-)16.92%.
  • The combined effect is that net direct tax collections climbed from ₹16,88,909.67 crore to ₹18,37,898.32 crore, marking an 8.82% increase.

The sharper rise in net collections as compared to gross collections is therefore mainly an outcome of reduced refund outflow, aside from moderate enhancement in gross receipts.

Gross Direct Tax Collections: Head-wise Movement

1. Corporate Tax (CT)

Corporate Tax remains a major contributor to the direct tax pool. The data indicate a steady rise in corporate tax inflows over the comparative period.

  • F.Y. 2024-25 (as on 11.01.2025): ₹9,71,851.07 crore
  • F.Y. 2025-26 (as on 11.01.2026): ₹10,46,574.28 crore

This movement showcases:

  • A clear increase in corporate tax gross collections, suggesting improved corporate profitability, better advance tax compliance, or a combination of both.
  • Corporate Tax continues to anchor the direct tax base alongside NCT, contributing roughly half of the total gross collections.

2. Non-Corporate Tax (NCT)

The Non-Corporate Tax category, which encompasses individuals as well as various non-corporate entities, has also recorded growth, albeit at a more modest pace relative to CT.

  • F.Y. 2024-25 (as on 11.01.2025): ₹10,45,093.86 crore
  • F.Y. 2025-26 (as on 11.01.2026): ₹10,58,046.13 crore

Key observations:

  • NCT gross collections have increased in absolute terms, reflecting a broader tax base or higher income levels among non-corporate assessees.
  • The increase is incremental rather than sharp, indicating stable but not explosive growth in non-corporate direct tax inflows.

3. Securities Transaction Tax (STT)

STT is generally tied to capital market activity. Over the comparison period, STT levels have been largely steady.

  • F.Y. 2024-25 (as on 11.01.2025): ₹44,537.76 crore
  • F.Y. 2025-26 (as on 11.01.2026): ₹44,866.52 crore

This suggests:

  • Marginal growth in STT, consistent with relatively stable or moderately increasing trading volumes and values in securities markets.
  • No extreme volatility is visible in the STT component during the period reviewed.

4. Other Taxes (OT)

The “Other Taxes” segment exhibits a stark decline, and is the major negative outlier among the four categories.

  • F.Y. 2024-25 (as on 11.01.2025): ₹2,868.25 crore
  • **F.Y.