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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

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