New Delhi ,jun 18
The Ministry of Finance has announced a robust growth in India’s direct tax collections for the financial year 2024-25, with net collections increasing by 20.99 per cent and gross collections growing by 22.19 per cent.According to a press release by the Ministry of Finance, these figures underscore the country’s strong economic performance and a healthy tax compliance environment.As per the provisional figures up to June 17, 2024, the net direct tax collections for FY 2024-25 have reached Rs 4,62,664 crore.
This marks a substantial rise from the Rs 3,82,414 crore collected during the corresponding period of the previous financial year, FY 2023-24.
The net collections include Corporation Tax (CIT) of Rs 1,80,949 crore and Personal Income Tax (PIT) along with Securities Transaction Tax (STT) totaling Rs 2,81,013 crore.
Gross direct tax collections, before accounting for refunds, have also shown a remarkable increase. The gross collections stand at Rs 5,15,986 crore, up from Rs 4,22,295 crore in the same period last year.This represents a growth of 22.19 per cent, reflecting a significant uptick in both corporate and personal tax revenues. The gross collections are comprised of Rs 2,26,280 crore from CIT and Rs. 2,88,993 crore from PIT including STT.A key indicator of economic health, advance tax collections have surged, amounting to Rs. 1,48,823 crore by mid-June 2024. This is a significant increase of 27.34 per cent compared to Rs. 1,16,875 crore collected during the same period in FY 2023-24.
The advance tax includes Rs. 1,14,353 crore from corporations and Rs. 34,470 crore from individual taxpayers, signaling strong corporate profitability and increased personal income levels.The detailed breakdown of the tax collections is as follows: Tax Deducted at Source (TDS) stands at Rs. 3,24,787 crore, reflecting the widespread compliance and collection efficiency, read the press release.
Self-Assessment Tax is at Rs. 28,471 crore, indicating taxpayers’ proactive approach in managing their tax liabilities. Regular Assessment Tax accounts for Rs. 10,920 crore, representing taxes assessed and collected after regular assessment procedures.
