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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)

FY 2023-24 (as on 10.11.2023)
FY 2024-25 (as on 10.11.2024) Percentage
growth
Corporate
Tax
(CT)
Non*-
Corporate
Tax
(NCT)
Securities
Transaction
Tax
(STT)
Other
taxes*
(OT)
Total
Corporate
Tax
(CT)
Non*-
Corporate
Tax
(NCT)
Securities
Transaction
Tax
(STT)
Other taxes* (OT)
Total
Total Growth
Gross Collection
5.59,363
6,58,184
18.909
2,442
12,39,402
6,60,354
8,03.491
35,923
2,394
15,02,161
21.20%
Refunds
30.577
1,09,834
50
1,90,461
1.49.870
1.41,633
29
2,91,531
33.07%
Net Collection
4.79.291
5,48,350
18,909
2,392
10,48,941
5,10,484
6.61,858
35,923
2,365
12,10,630
15.41%

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

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