India's direct tax collections have increased by 16.45%, reaching ₹15.82 lakh crore so far in FY25.
India's direct tax collections have risen significantly in FY25, with a 16.45% year-on-year increase, reaching ₹15.82 lakh crore as of December 17.
India's direct tax collections have demonstrated strong growth in FY25 so far, showing a 16.45% year-on-year (YoY) increase and reaching over ₹15.82 lakh crore as of December 17, according to the latest government data. The total gross collections, which amounted to ₹19.21 lakh crore, reflect a 20.32% rise, largely driven by corporate and personal income taxes.
Corporate tax collections saw a steady increase, with gross collections rising to ₹9.24 lakh crore, compared to ₹7.90 lakh crore in FY24. After accounting for refunds, net corporate tax collections climbed to ₹7.42 lakh crore, up from ₹6.83 lakh crore in the same period last year.
In contrast, non-corporate taxes, including personal income tax, also experienced robust growth, with gross collections increasing to ₹9.53 lakh crore, up from ₹7.81 lakh crore in FY24. Net collections from this segment rose significantly to ₹7.97 lakh crore, compared to ₹6.50 lakh crore a year earlier. Refunds issued by December 17 amounted to ₹3.38 lakh crore, marking a 42.49% increase from the previous year, reflecting the government's efforts to speed up tax return processing.
Overall, advance tax collections—encompassing both corporate and non-corporate taxes—grew by 20.9%, reaching ₹7.56 lakh crore. While corporate tax collections rose by 16.71%, non-corporate taxes saw a substantial 35% growth.
These robust collections contribute to the government's ability to meet its fiscal deficit target of 4.9% for FY25, as set in the July Union Budget.
We hate spam as much as you do
© Hindeez 2024, All Rights Reserved
