The net direct tax collection of the government registered a significant growth of 19.54 per cent in financial year 2024-25, amounting to Rs 5,74,357 crore by July 11, highlighted the data by the income tax department.
Last year during the same period the net direct tax collection was Rs 4,80,458 crore. This represents a notable growth in direct tax collections over the one-year period.
Moreover, the total refunds issued in FY 2024-25 amounted to Rs 70,902 crore, which represents a significant surge of 64.49 percent compared to the previous year. In FY 2023-24, the total tax refunds issued by the government were Rs 43,105 crore. The increase in tax refunds highlights the government’s efficiency in processing claims and providing timely relief to taxpayers.
The data also pointed out that the total gross direct tax collection has registered a growth of 23.24 percent by July 11 in the financial year 2024-25, compared to the same period in FY 2023-24.
The data highlighted that the gross direct tax collection during the current financial year up to July 11 stands at Rs 6,45,259 crore from the Rs 5,23,563 crore collected during the same period in FY 2023-24.
Direct tax, a type of tax imposed directly on individuals and entities based on their income or wealth, includes categories such as corporate tax, income tax, and securities tax.
The breakdown of the individual components of direct taxes reveals impressive growth rates across the board.
In FY 2024-25, the corporate tax collection stood at Rs 2,65,336 crore, showing a growth rate of 20.44 percent compared to the previous year’s Rs 2,20,297 crore. This increase reflects improved corporate profitability and compliance.
Similarly, personal income tax collections have also seen a notable rise. By July 11, FY 2024-25, the collection reached Rs 3,61,862 crore, up by 22.76 percent from Rs 2,94,764 crore during the same period in FY 2023-24. This growth in personal income tax indicates an increase in individual earnings and effective tax collection mechanisms.
Furthermore, the securities tax in the current financial year has surged to Rs 16,634 crore from Rs 7,285 crore during the last financial year in 2023-24, showcasing a more than twofold increase. This jump can be attributed to heightened market activity and increased trading volumes in the share market.
Overall, the direct tax collections for FY 2024-25 showed a positive growth trajectory across various tax categories.
(ANI)