India's net direct tax collections for the financial year 2024-25 have seen significant growth, reaching ₹11.25 lakh crore by October 10, 2024, marking an 18.35% increase compared to the previous year. The gross collections, which include Corporate Tax, Personal Income Tax, and Securities Transaction Tax, stand at ₹13.57 lakh crore, reflecting a 22.30% rise.
Corporate Tax collections surged to ₹7.13 lakh crore, while Personal Income Tax, including the Securities Transaction Tax, reached ₹5.98 lakh crore. Other minor taxes, like Equalization Levy and Fringe Benefit Tax, contributed ₹2,150 crore. Refunds issued totalled ₹2.31 lakh crore, showing a 46.03% increase from the previous financial year.
The growth in direct tax collections demonstrates the government's efforts in enhancing tax compliance and improving the ease of tax payments. This increase is expected to contribute positively to India's fiscal health, further supporting infrastructure development and welfare programs.
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