Direct Tax Collections Update FY 2024-25 as of Nov 10

Summary: As of November 10, 2024, India’s direct tax collections for FY 2024-25 show a notable increase compared to the same period last year. The gross tax collection rose by 21.2%, totaling ₹15,02,161 crore, up from ₹12,39,402 crore in FY 2023-24. Corporate Tax (CT) collections reached ₹6,60,354 crore, while Non-Corporate Tax (NCT), which includes contributions from individuals, HUFs, and other entities, totaled ₹8,03,491 crore. The Securities Transaction Tax (STT) saw a significant rise to ₹35,923 crore, while other taxes, covering levies like the Equalization Levy and Banking Cash Transaction Tax, slightly decreased to ₹2,394 crore. Refunds issued up to November 10, 2024, totaled ₹2,91,531 crore, marking a 33.07% increase, which aligns with the government’s commitment to expedite refund processes. Consequently, net tax collections grew by 15.41%, amounting to ₹12,10,630 crore, compared to ₹10,48,941 crore in the previous fiscal period. This growth indicates continued compliance and increased tax base contributions from both corporate and non-corporate sectors, further supporting fiscal targets for FY 2024-25.

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Direct Tax Collections for F.Y. 2024-25 as on 10.11.2024

(Rs. In Crore)

Source: TINMIS

* NCT includes taxes paid by individuals, HUFs, Firms, AoPs, Bols, Local Authorities, Artificial Juridical Person

*`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