Gross direct tax collections see 22.19% growth in 2024-25, reach ₹5.16 lakh cr
The provisional gross direct tax collection for 2024-25 till June 17 was ₹515,986 cr compared to ₹422,295 cr in the corresponding period of the last fiscal
NEW DELHI: The finance ministry on Tuesday said there was a 22.19% annualised increase in gross direct tax revenues to ₹5.16 lakh crore in the current financial year from April 1 to June 17 with a 21% jump in net revenues to ₹4.63 lakh crore, mainly due to robust collections from individual taxpayers.
The provisional gross direct tax collection for 2024-25 till June 17 was ₹515,986 crore compared to ₹422,295 crore in the corresponding period of the preceding financial year, showing a growth of 22.19%, the ministry said in a statement.
The gross collections include corporate income tax (CIT) at ₹226,280 crore and personal income tax (PIT) inclusive of securities transaction tax (STT) at ₹288,993 crore, it said. Minor head-wise collection comprised advance tax of ₹148,823 crore, tax deducted at source of ₹324,787 crore, self-assessment tax of ₹28,471 crore, regular assessment tax of ₹10,920 crore and tax under other minor heads of ₹2,985 crore, it added.
Refunds amounting to ₹53,322 crore have been issued in the current financial year up to June 17, which were 33.7% higher than refunds issued during the same period in the preceding year, it said.
The government had in the February 1 interim budget estimated net CIT at ₹1,042,830 crore in the full financial year of 2024-25 and net PIT at ₹1,156,000 lakh crore after refunds.
The net collections after refunds in about two-and-a-half months of 2024-25 were ₹462,664 crore compared to ₹382,414 crore in the corresponding period of 2023-24, representing an increase of 20.99%, the ministry said.
The net direct tax collection included CIT at ₹180,949 crore and PIT (including STT) at ₹281,013 crore.
Provisional figures of total advance tax collection for 2024-25 till June 17 were ₹148,823 crore against advance tax collections of ₹116,875 crore in the same period of 2023-24, showing a growth of 27.34%. The advance tax collection of ₹148,823 crore comprised CIT of ₹114,353 crore and PIT of ₹34,470 crore.