Direct Tax Collections Show Robust Growth in FY 2024-25

New Delhi: The provisional figures for Direct Tax collections for the Financial Year 2024-25 reveal a significant increase, with net collections amounting to Rs. 4,62,664 crore as of June 17, 2024. This marks a 20.99% rise compared to the Rs. 3,82,414 crore collected during the same period in the previous Financial Year 2023-24.

The Net Direct Tax collection includes Rs. 1,80,949 crore from Corporation Tax (CIT) and Rs. 2,81,013 crore from Personal Income Tax (PIT), which also includes Securities Transaction Tax (STT). These figures are net of refunds.

Gross collections of Direct Taxes before refunds for the Financial Year 2024-25 stand at Rs. 5,15,986 crore, reflecting a 22.19% growth from the Rs. 4,22,295 crore collected in the corresponding period of FY 2023-24.

The breakdown of the Gross collection shows Rs. 2,26,280 crore from Corporation Tax and Rs. 2,88,993 crore from Personal Income Tax, including STT. The collections under various minor heads include Rs. 1,48,823 crore from Advance Tax, Rs. 3,24,787 crore from Tax Deducted at Source (TDS), Rs. 28,471 crore from Self-Assessment Tax, Rs. 10,920 crore from Regular Assessment Tax, and Rs. 2,985 crore from other minor heads.

Notably, Advance Tax collections for FY 2024-25 have seen a substantial increase, totaling Rs. 1,48,823 crore, a 27.34% rise compared to Rs. 1,16,875 crore in the same period of the previous year. This comprises Rs. 1,14,353 crore from Corporation Tax and Rs. 34,470 crore from Personal Income Tax.

Additionally, refunds amounting to Rs. 53,322 crore have been issued in FY 2024-25 up to June 17, 2024, which is 33.70% higher than the refunds issued during the same period last year.