Net direct tax collection surges to ₹11.26L crore in FY24-25
India's net direct tax collection for the fiscal year 2024-25, has jumped by a whopping 18.35% to nearly ₹11.26 lakh crore till October 10, data from the Central Board of Direct Taxes (CBDT) showed. The increase was largely propelled by a sharp increase in Securities Transaction Tax (STT) and corporate tax collections. The gross collection of direct taxes also grew by a robust 22.30% to ₹13.57 lakh crore year on year.
Tax refunds and STT collections see significant growth
During this period, tax refunds worth ₹2.31 lakh crore were released, a growth of 46%. The STT collections almost doubled to ₹30,630 crore from ₹16,373 crore in 2023. The increase in STT collections reflects increased investor activity in the equity markets. Corporate tax collections also witnessed a significant jump reaching at ₹6.11 lakh crore for FY24-25 as compared to last year's ₹5.11 lakh crore.
Personal income tax collections witness substantial increase
Gross personal income tax collections increased to ₹7.13 lakh crore from ₹5.79 lakh crore, while the net collection was ₹5.98 lakh crore. This further highlights the overall positive growth trajectory across tax categories for FY24-25. The Union government has collected more than half of the budgeted amount for this fiscal year in direct tax revenue (after adjusting for refunds), reflecting a strong revenue collection performance.
Tax department refunds ₹2.3L crore to taxpayers
The tax department has refunded ₹2.3 lakh crore to taxpayers, including individuals and businesses, an increase of over 46% over the same period last year. Corporate tax collection after adjusting for refunds, grew by over 11% this fiscal year to ₹4.94 lakh crore. Personal income tax receipts after refunds stood at ₹5.98 lakh crore, showing an impressive growth of 23%.
