Net Direct Tax Collections Rise 24.07% to Rs 5.74 Lakh Crore by July 11, 2024

The Central Board of Direct Taxes (CBDT) announced on Friday that net direct tax collections for FY 2024-25, as of July 11, 2024, have risen by 24.07%, reaching Rs 5.74 lakh crore, compared to Rs 4.80 lakh crore in FY23.

This total includes corporate taxes of Rs 2.1 lakh crore and personal income tax contributions of Rs 3.46 lakh crore, with the latter figure encompassing proceeds from the securities transaction tax (STT).

In June, the CBDT reported that the Central government collected Rs 4.62 lakh crore in direct taxes after accounting for refunds, reflecting a 20.99% year-on-year growth. This comprised corporate taxes of Rs 1.8 lakh crore and personal income tax of Rs 2.81 lakh crore.

For the fiscal year 2023-24, India’s net direct tax collections showed significant growth of 17.7%, totaling Rs 19.58 lakh crore, slightly surpassing revised estimates. This increase was primarily driven by a rise in personal income taxes, which now account for 53.3% of total tax revenue, up from 50.06% the previous year. Conversely, corporate taxes contributed 46.5%, down from 49.6%.

The interim budget for FY25 projects a corporate tax revenue of Rs 10.4 lakh crore and a personal income tax revenue of Rs 11.56 lakh crore.