Direct Tax Collections Surge 16.12% in FY 2024-25, Net Collections Total ₹9.95 Lakh Cr by September 17
Gross direct tax collections stood at ₹12,01,073 crore, showing a robust 21.48% year-on-year increase from ₹9,88,724 crore in the previous year
The Ministry of Finance has reported a strong performance in direct tax collections for the financial year 2024-25, with net collections touching ₹9,95,766 crore as of September 17, 2024. This marks a 16.12% growth compared to ₹8,57,528 crore collected during the corresponding period of FY 2023-24. Gross direct tax collections stood at ₹12,01,073 crore, showing a robust...
The Ministry of Finance has reported a strong performance in direct tax collections for the financial year 2024-25, with net collections touching ₹9,95,766 crore as of September 17, 2024. This marks a 16.12% growth compared to ₹8,57,528 crore collected during the corresponding period of FY 2023-24.
Gross direct tax collections stood at ₹12,01,073 crore, showing a robust 21.48% year-on-year increase from ₹9,88,724 crore in the previous year. Refunds issued amounted to ₹2,05,307 crore, reflecting a significant rise of 56.49% against ₹1,31,196 crore in FY 2023-24. The sharp increase in refunds indicates the government’s continued push for faster processing and settlement of claims, which directly impacts the net collections.
Corporate tax gross collections grew from ₹4,72,904 crore last year to ₹5,58,616 crore this year. After adjusting refunds, net corporate tax collections reached ₹4,52,563 crore. Personal income tax (including securities transaction tax) also recorded strong growth, with gross collections rising from ₹5,00,822 crore in FY 2023-24 to ₹6,14,459 crore in FY 2024-25. Net collections after refunds stood at ₹5,15,229 crore.
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Securities Transaction Tax (STT) contributed ₹26,154 crore to the kitty, while other smaller taxes such as equalization levy and fringe benefit tax together yielded ₹1,821 crore.
Advance tax collections have been a key driver of the growth in direct taxes. As per the data, total advance tax receipts stood at ₹4,36,067 crore as of September 17, 2024, reflecting an overall increase of 22.61% compared to ₹3,55,660 crore collected in the same period last year.
Corporate taxpayers contributed ₹3,31,730 crore to advance tax, recording a growth of 18.17%. Personal income taxpayers contributed ₹1,04,336 crore, marking a sharp rise of 39.22%.
The current collections reflect both higher compliance and increased profitability of businesses, coupled with steady growth in personal income tax receipts. With net direct tax collections already nearing ₹10 lakh crore midway through the financial year, the government appears to be on track to comfortably meet, and potentially surpass, its budgetary targets.
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