Income Tax and Corporate Tax Net Collections Surge to Rs. 4.62L Crore in FY 2024-25, Marking 20.99% Hike
Refunds amounting to Rs. 53,322 crore have also been issued in the FY 2024-25 till 17.06.2024
The Ministry of Finance has released the net collections of the direct tax which marked a hike of 20.99% for the Financial Year 2024-25 as on 17th June 2024. The provisional figures showed a surge to Rs. 4,62,664 crore, compared to Rs. 3,82,414 crore in the corresponding period of the preceding Financial Year ( i.e. FY 2023-24 ). The next direct tax collections includes Corporation Tax...
The Ministry of Finance has released the net collections of the direct tax which marked a hike of 20.99% for the Financial Year 2024-25 as on 17th June 2024. The provisional figures showed a surge to Rs. 4,62,664 crore, compared to Rs. 3,82,414 crore in the corresponding period of the preceding Financial Year ( i.e. FY 2023-24 ).
The next direct tax collections includes Corporation Tax ( CIT ) and personal income tax including STT is Rs. 1,80,949 crore ( net of refunds ) and Rs. 2,81,013 crore (net of refunds) respectively.
The gross collection of Direct Taxes, before accounting for refunds, stands at Rs. 5,15,986 crore for FY 2024-25. This figure shows a 22.19% growth compared to the Rs. 4,22,295 crore collected during the same period last year.
Minor Head-wise Collection Breakdown
Advance Tax: Rs. 1,48,823 crore
Tax Deducted at Source ( TDS ): Rs. 3,24,787 crore
Self-Assessment Tax: Rs. 28,471 crore
Regular Assessment Tax: Rs. 10,920 crore
Tax under Other Minor Heads: Rs. 2,985 crore
The press release of the Finance Ministry claimed that refunds amounting to Rs. 53,322 crore have also been issued in the FY 2024-25 till 17.06.2024, which are 33.70% higher than refunds issued during the same period in the preceding year.
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