India’s net direct tax collection grew 19.54 per cent to Rs 5.74 lakh crore so far in the current financial year 2024-25, according to the latest data from the income tax department.
Refunds amounting to Rs 70,902 crore, including Rs 15,826 of personal income tax refunds, have been issued between April 1, 2024, and July 11, 2024, according to the latest CBDT data.
The net direct collections of Rs 5,74,357 crore during FY25 till July 11 include corporate tax of Rs 2,10,274 crore, personal income tax (PIT) of Rs 3,46,036, securities transaction tax (STT) of Rs 16,634 crore, and other taxes of Rs 1,413 crore, the latest data showed.
Other taxes include equalisation levy, fringe benefit tax, wealth tax, banking cash transaction tax, hotel receipt tax, interest tax, expenditure tax, estate duty and gift tax.
On a gross basis, direct tax collections between April 1 and July 11 were at Rs 6,45,259 crore, a 23.24 per cent jump as compared to the corresponding period last year.
The growth rates in gross corporate tax and personal income tax during FY25 so far were 20.44 per cent and 22.76 per cent, respectively.
After adjustment of refunds, the net growth in corporate tax collections is 12.47 per cent and that in PIT collections is 21.41 per cent, according to the latest income tax data.
