Significant Growth in India’s Direct Tax Collections FY 2024-25

As of June 17, 2024, provisional data reveals significant growth in India’s Direct Tax collections for the fiscal year 2024-25. Net collections have reached Rs. 4,62,664 crore, marking a 20.99% increase from the Rs. 3,82,414 crore collected during the same period in the previous fiscal year. This figure includes Corporation Tax (CIT) of Rs. 1,80,949 crore (net of refunds) and Personal Income Tax (PIT) along with Securities Transaction Tax (STT) amounting to Rs. 2,81,013 crore (net of refunds).

Gross collections before refund adjustments for the fiscal year 2024-25 total Rs. 5,15,986 crore, reflecting a robust growth rate of 22.19% compared to Rs. 4,22,295 crore collected in the corresponding period of FY 2023-24. This gross collection comprises CIT of Rs. 2,26,280 crore and PIT including STT of Rs. 2,88,993 crore. Detailed minor head collections include Advance Tax of Rs. 1,48,823 crore, Tax Deducted at Source (TDS) of Rs. 3,24,787 crore, Self-Assessment Tax of Rs. 28,471 crore, Regular Assessment Tax of Rs. 10,920 crore, and other minor heads contributing Rs. 2,985 crore.

Advance Tax collections for FY 2024-25 as of June 17, 2024, amount to Rs. 1,48,823 crore, indicating a growth of 27.34% from Rs. 1,16,875 crore collected during the same period in FY 2023-24. Within this, CIT collections stand at Rs. 1,14,353 crore and PIT at Rs. 34,470 crore.

Furthermore, refunds totaling Rs. 53,322 crore have been issued in FY 2024-25 as of June 17, 2024, marking a 33.70% increase from the refunds issued during the corresponding period in the previous fiscal year.