New Delhi, July 12 -- India's net direct tax revenue contracted 1.34% to Rs.5.63 lakh crore as on July 10 of the current financial year as compared to Rs.5.70 lakh crore in the corresponding period of FY25 because of over 38% year-on-year jump in refunds, tax relief to the middle class, and efficiency in refund processing. The gross collection in FY26 (April 1-July 10), however, recorded a 3.17% increase at Rs.6,64,807 crore as against Rs.6,44,375 crore in the same period of FY25, data released on Friday showed. The net revenue contracted because refunds rose to Rs.1,01,980 crore in this period of FY26 from Rs.73,893 crore in the same period of FY25, registering a 38.01% jump. The contraction in net direct tax revenue was registered on the ...