Gross direct tax collections see 22.19% growth in 2024-25, reach ₹5.16 lakh cr - Hindustan Times
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Gross direct tax collections see 22.19% growth in 2024-25, reach 5.16 lakh cr

ByRajeev Jayaswal
Jun 18, 2024 08:45 PM IST

The provisional gross direct tax collection for 2024-25 till June 17 was ₹515,986 cr compared to ₹422,295 cr in the corresponding period of the last fiscal

NEW DELHI: The finance ministry on Tuesday said there was a 22.19% annualised increase in gross direct tax revenues to 5.16 lakh crore in the current financial year from April 1 to June 17 with a 21% jump in net revenues to 4.63 lakh crore, mainly due to robust collections from individual taxpayers.

Refunds amounting to <span class='webrupee'>₹</span>53,322 crore have been issued in the current financial year up to June 17 (FILEP PHOTO)
Refunds amounting to 53,322 crore have been issued in the current financial year up to June 17 (FILEP PHOTO)

The provisional gross direct tax collection for 2024-25 till June 17 was 515,986 crore compared to 422,295 crore in the corresponding period of the preceding financial year, showing a growth of 22.19%, the ministry said in a statement.

The gross collections include corporate income tax (CIT) at 226,280 crore and personal income tax (PIT) inclusive of securities transaction tax (STT) at 288,993 crore, it said. Minor head-wise collection comprised advance tax of 148,823 crore, tax deducted at source of 324,787 crore, self-assessment tax of 28,471 crore, regular assessment tax of 10,920 crore and tax under other minor heads of 2,985 crore, it added.

Refunds amounting to 53,322 crore have been issued in the current financial year up to June 17, which were 33.7% higher than refunds issued during the same period in the preceding year, it said.

The government had in the February 1 interim budget estimated net CIT at 1,042,830 crore in the full financial year of 2024-25 and net PIT at 1,156,000 lakh crore after refunds.

The net collections after refunds in about two-and-a-half months of 2024-25 were 462,664 crore compared to 382,414 crore in the corresponding period of 2023-24, representing an increase of 20.99%, the ministry said.

The net direct tax collection included CIT at 180,949 crore and PIT (including STT) at 281,013 crore.

Provisional figures of total advance tax collection for 2024-25 till June 17 were 148,823 crore against advance tax collections of 116,875 crore in the same period of 2023-24, showing a growth of 27.34%. The advance tax collection of 148,823 crore comprised CIT of 114,353 crore and PIT of 34,470 crore.

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