India’s net direct tax collections surge by 21 pc in FY25

NEW DELHI — India’s net direct tax collections have shot up by a robust 20.99 per cent for the financial year 2024-25 as of June 17 to INR 4,62,664 crore, compared to INR 3,82,414 crore in the same period of the preceding fiscal, according to the provisional figures released by the Finance Ministry on Tuesday.

The net direct tax collection includes Corporation Tax (CIT) at INR 1,80,949 crore (net of refund) and PeINRonal Income Tax (PIT), including Securities Transaction Tax (STT), at INR 2,81,013 crore (net of refund).

The provisional figures of gross collection of direct taxes (before adjusting for refunds) for the Financial Year 2024-25 stand at INR 5,15,986 crore compared to INR 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.

Total advance tax collections for the financial year 2024-25, as of June 17, stand at INR 1,48,823 crore, compared to the corresponding figures of INR 1,16,875 crore for the same period of the preceding fiscal, showing a growth of 27.34 per cent.

The Advance Tax collection comprises Corporation Tax at INR 1,14,353 crore and PeINRonal Income Tax at INR 34,470 crore.

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