The provisional figures of Direct Tax collections for the Financial Year 2024-25 reveal a substantial increase, with Gross collections reaching Rs. 5,15,986 crore as of 17 June 2024. This marks a 22.19 per cent growth compared to Rs. 4,22,295 crore in the same period of the previous financial year, FY 2023-24.
According to the data released by by the Union Ministry of Finance, Net Direct Tax collections for FY 2024-25 have also seen significant growth, registering a 20.99 per cent increase to Rs. 4,62,664 crore, up from Rs. 3,82,414 crore in the corresponding period of the previous year. This total includes Rs. 1,80,949 crore from Corporation Tax (CIT) and Rs. 2,81,013 crore from Personal Income Tax (PIT), including Securities Transaction Tax (STT), both net of refunds.
The Gross collection of Direct Taxes of Rs. 5,15,986 crore includes Rs. 2,26,280 crore from Corporation Tax (CIT) and Rs. 2,88,993 crore from Personal Income Tax (PIT), inclusive of STT. Minor head-wise collections are detailed as follows: Advance Tax: Rs. 1,48,823 crore, Tax Deducted at Source (TDS): Rs. 3,24,787 crore, Self-Assessment Tax: Rs. 28,471 crore, Regular Assessment Tax: Rs. 10,920 crore, and Tax under other minor heads: Rs. 2,985 crore.
Advance Tax collections have shown remarkable growth, standing at Rs. 1,48,823 crore for FY 2024-25, a 27.34 per cent increase from Rs. 1,16,875 crore in the same period of FY 2023-24. This figure comprises Rs. 1,14,353 crore from Corporation Tax (CIT) and Rs. 34,470 crore from Personal Income Tax (PIT).
Additionally, Rs. 53,322 crore in refunds have been issued in FY 2024-25 up to 17 June 2024, reflecting a 33.70 per cent increase compared to the same period last year.
These figures indicate robust growth in India's direct tax collections, reflecting the government's successful efforts in tax administration and compliance enhancement.
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