Net direct tax collections fall 3.95% to Rs 6.64 lakh crore amid 10% rise in tax refunds

Net direct tax collections decreased by 3.95% to Rs 6.64 lakh crore in the current fiscal year, primarily due to a 10% increase in tax refunds totaling Rs 1.35 lakh crore. Gross collections before refunds declined by 1.87% to Rs 7.99 lakh crore. Corporate tax collections amounted to Rs 2.29 lakh crore, while non-corporate tax collections, including individuals and firms, reached Rs 4.12 lakh crore. Securities Transaction Tax collections were Rs 22,362 crore during the period. The government has set a target to collect Rs 25.20 lakh crore in direct taxes and Rs 78,000 crore from Securities Transaction Tax for the fiscal year.