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)
| FY 2023-24 (as on 17.09.2023) | |||||
|---|---|---|---|---|---|
| Corporate Tax | Personal Income Tax |
Securities Transaction Tax |
Other taxes | Tota | |
| Gross Collection | 4,72,904 | 5,00,822 | 13,352 | 1,646 | 9,88,724 |
| Refunds | 63,538 | 67,623 | – | 36 | 1,31,196 |
| Net Collection | 4,09,366 | 4,33,199 | 13,352 | 1,611 | 8,57,528 |
–
| FY 2024-25 (as on 17.09.2024) | Percentage growth |
||||
|---|---|---|---|---|---|
| Corporate Tax |
Personal Income Tax | Securities Transaction Tax |
Other taxes* | Total | Total Growth |
| 5,58,616 | 6,14,459 | 26,154 | 1,844 | 12,01,073 | 21.48% |
| 1,06,053 | 99,230 | – | 23 | 2,05,307 | 56.49% |
| 4,52,563 | 5,15,229 | 26,154 | 1,821 | 9,95,766 | 16.12% |
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)
| FY 2023-24 (as on 17.09.2023) | FY 2024-25 (as on 17.09.2024) | Percentage Growth | |||||||
| Corpo-rate Tax | Personal Income Tax |
Total | Corporate Tax | Personal Income Tax |
Total | Corpo-rate Tax |
Personal Income Ta | Total Growth | |
| Advance Tax | 280711 | 74945 | 355660 | 331730 | 104336 | 436067 | 18.17% | 39.22% | 22.61% |
Source: TINMIS
