India's net direct tax collections for FY26 reached Rs 18.38 lakh crore by January 11, an 8.82% increase year-on-year. This growth, driven partly by a 16.92% reduction in refunds, brings collections to 73% of the annual target. Gross collections rose 4.14% to Rs 21.50 lakh crore. Net corporate tax collections were Rs 8.63 lakh crore, and non-corporate tax collections reached Rs 9.30 lakh crore. Experts note the growth is encouraging but attribute it significantly to lower refunds, with reasons for the refund trend not fully apparent.