India's Tax Revenues Soar Amid Slowdown in Refunds

India's net direct tax collection has seen a significant increase in the current fiscal year, growing 7% year-on-year to over ₹12.92 lakh crore between April 1 and November 10, 2025. This growth has been driven by a combination of factors, including higher corporate tax mop-up and a slowdown in refund issuances.

During the same period, refund issuances fell 18% to ₹2.42 lakh crore, leading to a higher gross direct tax collection before refunds, which stood at over ₹15.35 lakh crore, marking a 2.15% rise from the corresponding period last year.

The corporate tax receipts have also contributed to the overall growth, with net corporate tax collections coming in at around ₹5.37 lakh crore, up from ₹5.08 lakh crore a year earlier. Meanwhile, non-corporate tax collections, which include personal income tax and taxes from Hindu Undivided Families (HUFs), climbed to ₹7.19 lakh crore, compared with ₹6.62 lakh crore in the same period of 2024.