Net direct tax collections register 19% growth at Rs 14.70 lakh in FY24: Govt
This collection is 80.61% of the total Budget Estimates of Direct Taxes for FY 2023-24, the ministry data showed.
The Direct Tax collections for the Financial Year 2024-25, as on June 17, indicate a 20.99% spike compared to last fiscal, the data from the Ministry of Finance said on Tuesday.
The provisional figures of Direct Tax collections show that Net collections are at Rs 4,62,664 crore, compared to Rs 3,82,414 crore in the corresponding period of FY 2023-24.
Notably, the Net Direct Tax collection includes Corporation Tax (CIT) at Rs 1,80,949 crore (net of refund) and Personal Income Tax (PIT) including Securities Transaction Tax (STT) at Rs 2,81,013 crore (net of refund).
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The Gross collection of Direct Taxes, before adjusting for refunds, for FY25 stands at Rs 5,15,986 crore compared to Rs 4,22,295 crore in the corresponding period of the preceding financial year, showing a growth of 22.19% over the collections of FY 2023-24, data from the ministry said.
The Gross collection of Rs 5,15,986 crore includes CIT at Rs 2,26,280 crore and PIT including STT at Rs 2,88,993 crore.
Minor head-wise collection comprises Advance Tax of Rs 1,48,823 crore; Tax Deducted at Source of Rs 3,24,787 crore; Self-Assessment Tax of Rs 28,471 crore; Regular Assessment Tax of Rs 10,920 crore; and Tax under other minor heads of Rs 2,985 crore.
The ministry data further said that the provisional figures of total Advance Tax collections for FY25, as on June 17, stand at Rs 1,48,823 crore, against Advance Tax collections of Rs 1,16,875 crore for FY24, showing a growth of 27.34%.
The Advance Tax collection of Rs. 1,48,823 crore comprises CIT at Rs 1,14,353 crore and PIT at Rs 34,470 crore.
Refunds amounting to Rs 53,322 crore have also been issued in the FY25 till June 17, which are 33.70% higher than refunds issued during the same period in the preceding year.
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