India’s Direct Tax Collections Surge by 21.48% in FY 2024-25

By: Admin | September 18, 2024 | Categories: Tax Policy | 4 Min Read

As of September 17, 2024, India’s Direct Tax collections for FY 2024-25 have shown remarkable growth, with gross collections reaching ₹12,01,073 crore. This represents a 21.48% increase compared to ₹9,88,724 crore collected during the same period in FY 2023-24. The increase is attributed to:

• Corporate Tax: ₹5,58,616 crore
• Personal Income Tax: ₹6,14,459 crore
• Securities Transaction Tax (STT): ₹26,154 crore

Refunds and Net Direct Tax Collections:

Refunds issued during this period also rose by 56.49%, amounting to ₹2,05,307 crore. After adjusting for these refunds, net direct tax collections amounted to ₹9,95,766 crore, reflecting a 16.12% growth from ₹8,57,528 crore in the previous fiscal year. Key contributions include:

• Corporate Tax: ₹4,52,563 crore
• Personal Income Tax: ₹5,15,229 crore

Advance Tax Collections:

Advance tax collections for FY 2024-25 also showed robust growth, reaching ₹4,36,067 crore, a 22.61% increase from ₹3,55,660 crore in FY 2023-24. This includes:

• Corporate Advance Tax: ₹3,31,730 crore (+18.17%)
• Personal Income Tax under Advance Tax: ₹1,04,336 crore (+39.22%)

This growth in direct tax collections reflects strong economic activity, improved tax compliance, and the efficacy of tax administration efforts.

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