Direct Tax Collections for F.Y. 2024-25 as on 11.07.2024

The direct tax collections for the financial year 2024-25 have shown significant growth compared to the previous year. As of July 11, 2024, the collections have seen an impressive increase, reflecting the robustness of the Indian economy and efficient tax compliance. This article delves into the specifics of the direct tax collections, comparing the data from FY 2023-24 and FY 2024-25, highlighting the growth percentages and key insights.

Detailed Analysis:

Gross Collection: The gross collection of direct taxes, which includes corporate tax, personal income tax, securities transaction tax, and other taxes, has seen substantial growth in FY 2024-25. Here’s a breakdown of the figures:

• Corporate Tax: The collection increased from Rs. 2,20,297 crore in FY 2023-24 to Rs. 2,65,336 crore in FY 2024-25, marking a growth of 20.44%.
• Personal Income Tax: Collections rose from Rs. 2,94,764 crore to Rs. 3,61,862 crore, showing a 22.76% increase.
• Securities Transaction Tax: This tax saw a significant rise, from Rs. 7,285 crore to Rs. 16,634 crore, reflecting a 25.31% growth.
• Other Taxes: Collections under this category increased from Rs. 1,216 crore to Rs. 1,426 crore, with a 17.28% growth.
• Total Gross Collection: Overall, the gross collection of direct taxes increased from Rs. 5,23,563 crore to Rs. 6,45,259 crore, marking a 23.24% growth.

Refunds: Refunds issued during this period also saw a substantial increase:

• Total Refunds: Increased from Rs. 43,105 crore in FY 2023-24 to Rs. 70,902 crore in FY 2024-25, a 64.49% growth.
• Corporate Tax Refunds: Increased by 65.15%, from Rs. 33,341 crore to Rs. 55,063 crore.
• Personal Income Tax Refunds: Increased by 62.46%, from Rs. 9,741 crore to Rs. 15,826 crore.

Net Collection: The net collection, which is the gross collection minus refunds, also showed significant growth:

• Corporate Tax: Net collections rose from Rs. 1,86,956 crore to Rs. 2,10,274 crore, reflecting a 12.47% increase.
• Personal Income Tax: Increased from Rs. 2,85,023 crore to Rs. 3,46,036 crore, a 21.41% growth.
• Securities Transaction Tax: Showed a growth of 128.25%, from Rs. 7,285 crore to Rs. 16,634 crore.
• Other Taxes: Increased by 18.34%, from Rs. 1,194 crore to Rs. 1,413 crore.
• Total Net Collection: Overall, the net collection of direct taxes increased from Rs. 4,80,458 crore to Rs. 5,74,357 crore, marking a 19.54% growth.

Conclusion: The direct tax collections for FY 2024-25, as of July 11, 2024, demonstrate a robust growth trajectory, underscoring the health of the Indian economy and effective tax collection mechanisms. The significant increases across corporate tax, personal income tax, and securities transaction tax indicate a broad-based growth in tax revenue. These figures not only reflect economic growth but also highlight the importance of continuous improvement in tax compliance and administration. As the financial year progresses, it will be crucial to monitor these trends and their implications for the Indian fiscal landscape.

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Direct Tax Collections for F.Y. 2024-25 as on 11.07.2024

(Rs. In Crore)

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