As of August 11, 2024, India’s net direct tax collections for the financial year 2024-25 reached Rs. 6.93 lakh crores, reflecting a 22.48% increase compared to the same period in the previous year. The gross collection for corporate tax amounted to Rs. 3.08 lakh crores, while personal income tax collections were Rs. 4.82 lakh crores. Securities Transaction Tax (STT) contributed Rs. 21,599 crores, and other taxes, including equalization levy and wealth tax, added Rs. 1,634 crores. Refunds issued during this period totaled Rs. 1.20 lakh crores, representing a significant 33.49% increase in refunds compared to the previous year. After accounting for these refunds, the net collection for corporate tax stood at Rs. 2.22 lakh crores, and personal income tax netted Rs. 4.47 lakh crores. The overall growth in direct tax collections underscores the robust increase in both corporate and personal tax revenues, contributing to the government’s financial stability in the current fiscal year. This data, sourced from TINMIS, indicates a strong upward trend in tax collections, particularly in corporate tax and STT, compared to the previous financial year.
Net Direct Tax collection (provisional) as on 11.08.2024 stands at Rs. 6.93 lakh crores for the Financial Year (FY) 2024-25
Direct Tax Collections for F.Y. 2024-25 as on 11.08.2024
(Rs. In Crore)
FY 2023-24 (as on 11.08.2023) | |||||
Corporate Tax |
Personal Income Tax |
Securities Transaction Tax |
Other taxes | Total | |
Gross Collection | 2,52,574 | 3,91,628 | 10,234 | 1,408 | 6,55,843 |
Refunds | 42,521 | 47,482 | – | 25 | 90,028 |
Net Collection | 2,10,053 | 3,44,146 | 10,234 | 1,383 | 5,65,815 |
FY 2024-25 (as on 11.08.2024) | Percentage growth |
|||||
Corporate Tax | Personal Income Tax |
Securities Transaction Tax |
Other taxes | Total | Total Growth | |
Gross Collection | 3,08,061 | 4,81,876 | 21,599 | 1,634 | 8,13,170 | 23.99% |
Refunds | 85,619 | 34,546 | – | 17 | 1,20,183 | 33.49% |
Net Collection | 2,22,442 | 4,47,329 | 21,599 | 1,617 | 6,92,987 | 22.48% |
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