Gross Direct Tax collections for the Financial Year (FY) 2024-25 register a growth of 22.19%
Net Direct Tax collections for FY2024-25 grow at over 20.99%
Advance Tax collections for FY2024-25 stood at Rs. 1,48,823 crore with a growth of 27.34%
Refunds aggregating to Rs. 53,322 crore issued in the current fiscal
The provisional numbers of Direct Tax collections for the FY 2024-25 (as of 17.06.2024) show that Net collections are at Rs. 4,62,664 crore, compared to Rs. 3,82,414 crore in the related period of the preceding Financial Year (i.e. FY 2023-24), representing an upsurge of 20.99%.
The Net Direct Tax collection of Rs. 4,62,664 crore (as on 17.06.2024) possesses 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).
For the Financial Year 2024-25 provisional numbers of Gross collection of Direct Taxes (before adjusting for refunds) stand at Rs. 5,15,986 crore compared to Rs. 4,22,295 crore in the related period of the preceding financial year, demonstrating a growth of 22.19% over the collections of FY 2023-24.
The Gross collection of Rs. 5,15,986 crore comprises the Corporation Tax (CIT) at Rs. 2,26,280 crore and Personal Income Tax (PIT) along with Securities Transaction Tax (STT) at Rs. 2,88,993 crore.
The minor head-wise collection includes the 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.
Provisional numbers of total Advance Tax collections for FY 2024-25 (as on 17.06.2024) stand at Rs. 1,48,823 crore, against Advance Tax collections of Rs. 1,16,875 crore for the affiliated period of the preceding Financial Year (i.e. FY 2023-24), depicting a growth of 27.34%. The Advance Tax collection of Rs. 1,48,823 crore includes Corporation Tax (CIT) at Rs. 1,14,353 crore and Personal Income Tax (PIT) at Rs. 34,470 crore.
Refunds of Rs. 53,322 crore were issued in the FY 2024-25 till 17.06.2024, which are 33.70% more elevated compared to the refunds issued during the same period in the preceding year.
