EASYOFFICE
EASYOFFICE

Net Direct Tax Collections Surge 21.48% YoY, Reach Rs 12.01 Lakh Crore by September 2024

Last updated: 19 September 2024


The Income Tax Department has released its latest data on direct tax collections and advance tax collections for FY 2024-25, reflecting a notable growth in India's tax revenue. According to the Central Board of Direct Taxes (CBDT), as of September 17, 2024, the country's net direct tax collection has surged by 21.48%, showcasing India's expanding tax base and improved compliance.

Gross Direct Tax Collection Crosses Rs 12 Lakh Crore

For the period from April to September 2024, gross direct tax collections have reached Rs 12.01 lakh crore, a significant rise from Rs 9.88 lakh crore collected during the same period in 2023. Net direct tax collections have also witnessed a growth of 16.12%, amounting to Rs 9.96 lakh crore compared to Rs 8.57 lakh crore collected by September 17, 2023.

Net Direct Tax Collections Surge 21.48  YoY, Reach Rs 12.01 Lakh Crore by September 2024

A. Direct Tax Collections for F.Y. 2024-25 as on 17.09.2024

(Rs. In Crore)

FY 2023-24 (as on 17.09.2023)

FY 2024-25 (as on 17.09.2024)

Percentage growth

Corporate Tax

Personal Income Tax

Securities Transaction Tax

Other taxes*

Total

Corporate Tax

Personal Income Tax

Securities Transaction Tax

Other taxes*

Total

Total Growth

GrossCollection

4,72,904

5,00,822

13,352

1,646

9,88,724

5,58,616

6,14,459

26,154

1,844

12,01,073

21.48%

Refunds

63,538

67,623

-

36

1,31,196

1,06,053

99,230

-

23

2,05,307

56.49%

Net Collection

4,09,366

4,33,199

13,352

1,611

8,57,528

4,52,563

5,15,229

26,154

1,821

9,95,766

16.12%

Source: TINMIS

*'Other Taxes' include Equalization Levy, Fringe Benefit Tax, Wealth Tax, Banking Cash Transaction Tax, Hotel Receipt tax, Interest Tax, Expenditure Tax, Estate Duty and Gift Tax

B. Advance Tax Collections for F.Y.2024-25 as on 17.09.2024

(Rs.In Crore)

FY 2023-24 (as on 17.09.2023)

FY 2024-25 (as on 17.09.2024)

Percentage Growth

Corporate Tax

Personal Income Tax

Total

CorporateTax

Personal Income Tax

Total

Corporate Tax

Personal Income Tax

Total Growth

AdvanceTax

2,80,711

74,945

3,55,660

3,31,730

1,04,336

4,36,067

18.17%

39.22%

22.61%

Source: TINMIS

Strong Growth in Corporate Tax and Personal Income Tax Collections

Corporate tax collections surged by 18.26%, standing at Rs 5.58 lakh crore, as against Rs 4.72 lakh crore in the same period last year. Personal income tax collections also witnessed an impressive rise of 22.8%, reaching Rs 6.14 lakh crore compared to Rs 5 lakh crore in the previous year.

Securities Transaction Tax (STT) Sees Major Growth

The data also highlights a substantial rise in the Securities Transaction Tax (STT) collections, which have nearly doubled, increasing to Rs 26,154 crore from Rs 13,352 crore in 2023, reflecting increased market activity and investor participation.

Advance Tax Collections Surge by 22.61%

India's advance tax collections have also seen significant growth, with total collections amounting to Rs 4.36 lakh crore for FY 2024-25, up from Rs 3.55 lakh crore in the previous year. Corporate advance tax collections rose by 18.17%, reaching Rs 3.31 lakh crore, while personal advance tax collections surged by 37.22%, totaling Rs 1.04 lakh crore.

Conclusion

The robust growth in both direct tax and advance tax collections underscores the strong economic momentum in India and the effectiveness of ongoing tax reforms. As tax compliance improves and the economy expands, India is on track for higher revenue collections, which will contribute significantly to its fiscal health.

This surge in tax collections is a clear indication of the government's efforts to boost revenue through transparent and efficient tax administration.

Join CCI Pro

Category Income Tax   Report

  1383 Views

Comments



More »