India's FY25 net direct tax collection surges 21% till June 17, gross sees 22% growth

The Indian government’s net direct tax collection rose 21 per cent year on year to Rs 4,62,664 crore from April 1 to June 17, compared to Rs 3,82,414 crore in the corresponding period, the Ministry of Finance said in a statement on Tuesday.

The ministry informed that the net direct tax collection of Rs 4,62,664 crore, as on June 17, 2024, includes Corporation Tax (CIT) at Rs 1,80,949 crore (net of refund) and Personal Income Tax (PIT) including Securities Transaction Tax (STT) at Rs 2,81,013 crore (net of refund).

Gross Direct Tax Collection

The gross collection of direct taxes (before adjusting for refunds) for the financial year 2024-25 grew by 22.19 per cent.

“The provisional figures of Gross collection of Direct Taxes (before adjusting for refunds) for the Financial Year 2024-25 stand at Rs 5,15,986 crore compared to Rs 4,22,295 crore in the corresponding period of the preceding financial year, showing a growth of 22.19 per cent over the collections of FY 2023-24,” the statement said.

More from Business

Hyundai India’s Rs 27,870 crore IPO oversubscribed by 2.28X, largely driven by institutional investors How Indian fintech startups are driving Malaysia’s UPI-like digital payments revolution

The gross collection of Rs 5,15,986 crore includes CIT at Rs 2,26,280 crore and PIT including STT at Rs 2,88,993 crore.

Minor head wise collection comprises Advance Tax of Rs 1,48,823 crore; Tax Deducted at Source (TDS) of Rs 3,24,787 crore; Self-Assessment Tax of Rs 28,471 crore; Regular Assessment Tax of Rs 10,920 crore; and Tax under other minor heads of Rs. 2,985 crore.

Advance Tax collections

As per the Finance Ministry statement, provisional figures of total Advance Tax collections for Financial Year 2024-25 (as on June 17, 2024) stand at Rs 1,48,823 crore, against Advance Tax collections of Rs 1,16,875 crore for the corresponding period of the immediately preceding Financial Year (FY 2023-24), showing a growth of 27.34 per cent.

Impact Shorts

More Shorts

Chennai Ranks #1 in Challan Checks: ACKO Insights for Smarter Car and Two Wheeler Insurance Decisions

Tata Harrier EV vs Mahindra XEV 9e: Design and road presence compared

The Advance Tax collection of Rs. 1,48,823 crore comprises CIT at Rs. 1,14,353 crore and PIT at Rs 34,470 crore.

Refunds

Refunds amounting to Rs 53,322 crore have also been issued in the FY 2024-25 till June 17, 2024, which are 33.70 per cent higher than refunds issued during the same period in the preceding year.