Net direct tax collections of India have a massive surge of 20.99 percent in the financial year 2024-25 till June 17, at Rs 4,62,664 crore, as against Rs 3,82,414 crore in the corresponding period last year, provisional data released by the Ministry of Finance on Tuesday showed.
The net direct tax collection includes Corporation Tax CIT of Rs 1,80,949 crore, and Personal Income Tax PIT, including STT, of Rs 2,81,013 crore net of refunds.
Gross collection figures of direct taxes—before refunds—for FY 2024-25 stand at Rs 5,15,986 crore, as against Rs 4,22,295 crore for the corresponding period of the previous fiscal year, registering a growth of 22.19 percent.
Advance tax collections during the fiscal year 2024-25 up to June 17 stand at Rs 1,48,823 crore, up a whopping 27.34% from Rs 1,16,875 crore in the same period last fiscal year. This includes Rs 1,14,353-crore corporation taxation and Rs 34,470-crore personal income tax.
Refunds issued during FY 2024-25 aggregate to Rs 53,322 cr as on June 17, 2024 registering a steep increase of 33.70 percent over refunds issued during the corresponding period of the previous year, according to data released by the Ministry of Finance.
Read also | Defence Companies' Order Books Soar in Pursuit of Aatmanirbhar Bharat
Read also | Fitch Upgrades India's FY25 Growth Forecast to 7.2%
