India's Direct Tax Collection Sees Significant Growth in FY25
India’s net direct tax collection has experienced a significant year-on-year growth, reaching approximately ₹16.90 lakh crore by January 12, 2025. This marks a 15.88% increase compared to the same period last fiscal year. The government’s target for direct tax revenue in the current fiscal year is ₹22.07 lakh crore.
Personal Income Tax: Collections have exceeded ₹8.74 lakh crore, reflecting robust compliance and economic activity.
Corporate Tax: The corporate sector has contributed around ₹7.68 lakh crore, indicating sustained corporate profitability.
Securities Transaction Tax (STT): STT collections stand at ₹44,538 crore, underscoring active trading in the financial markets.
Refunds Issued: The government has issued refunds totaling approximately ₹3.74 lakh crore, a 42.49% increase over the previous year, enhancing taxpayer satisfaction.
Before accounting for refunds, gross direct tax collections have risen by 20% to ₹20.64 lakh crore during this period.
| Key Points | Details |
|---|---|
| Why in News | India’s net direct tax collections increased by 15.88% year-on-year, reaching ₹16.90 lakh crore as of January 12, 2025. Gross collections rose by 20% to ₹20.64 lakh crore before refunds. |
| Net Direct Tax Collections | ₹16.90 lakh crore (15.88% YoY growth). |
| Gross Direct Tax Collections | ₹20.64 lakh crore (20% growth before refunds). |
| Refunds Issued | ₹3.74 lakh crore (42.49% YoY increase). |
| Revenue from Personal Income Tax | ₹8.74 lakh crore. |
| Revenue from Corporate Tax | ₹7.68 lakh crore. |
| Securities Transaction Tax (STT) | ₹44,538 crore. |
| Government’s Direct Tax Target (FY25) | ₹22.07 lakh crore. |
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