Direct and Advance Tax Collections Update FY 2024-25

As of September 17, 2024, India’s direct tax collections for the fiscal year (FY) 2024-25 reached ₹12,01,073 crore, reflecting a 21.48% increase compared to ₹9,88,724 crore for the same date in FY 2023-24. The gross collections included corporate tax, personal income tax, securities transaction tax, and other taxes. Corporate tax collections rose from ₹4,72,904 crore to ₹5,58,616 crore, while personal income tax increased from ₹5,00,822 crore to ₹6,14,459 crore. After accounting for refunds, net collections stood at ₹9,95,766 crore, marking a growth of 16.12%. In terms of advance tax collections, the total reached ₹4,36,067 crore for FY 2024-25, up from ₹3,55,660 crore the previous year, indicating an overall growth of 22.61%. Corporate tax advance collections grew by 18.17%, while personal income tax advance collections saw a substantial rise of 39.22%. The data underscores a positive trend in tax revenue, reflecting enhanced compliance and economic activity.

A – Direct Tax Collections for F.Y. 2024-25 as on 17.09.2024

(Rs. In Crore)

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Source: TINMIS

*‘Other Taxes’ include Equalization Levy, Fringe Benefit Tax, Wealth Tax, Banking Cash Transaction Tax , Hotel Receipt Tax, Interest Tax, Expenditure Tax, Estate Duty and Gift Tax

B – Advance Tax Collections for F.Y. 2024-25 as on 17.09.2024

(Rs. In Crore)

Source: TINMIS