income tax
Published on 5 April 2025
India's Direct Tax Collections Surge in FY 2024-25: Key Insights
Overview of India’s Direct Tax Collections for FY 2024-25
As of January 12, 2025, India's direct tax collections for the financial year 2024-25 have shown a significant increase. Gross collections rose by 19.94% compared to the same period in the previous fiscal year, totaling ₹20.64 lakh crore. This amount comprises:
- Corporate Taxes: ₹9.71 lakh crore
- Non-Corporate Taxes: ₹10.45 lakh crore
- Securities Transaction Tax (STT): ₹44,538 crore
- Other Taxes: ₹2,868 crore
During this period, refunds issued stood at ₹3.74 lakh crore, representing a notable increase of 42.49% from the prior year. As a consequence, net tax collections reached ₹16.89 lakh crore, indicating a growth of 15.88% over FY 2023-24. The surge in non-corporate tax collections and STT has significantly contributed to the overall increase in direct tax revenue, reflecting enhanced compliance and improved tax administration.
Detailed Breakdown of Direct Tax Collections
Direct Tax Collections for FY 2024-25 as of January 12, 2025 (₹ in Crore)
| Category | FY 2023-24 (as on 12.01.2024) | FY 2024-25 (as on 12.01.2025) | Percentage Growth |
|---|---|---|---|
| Corporate Tax (CT) | 8,33,874 | 9,71,875 | |
| Non-Corporate Tax (NCT) | 8,58,627 | 10,45,088 | |
| Securities Transaction Tax (STT) | 25,415 | 44,538 | |
| Other Taxes (OT) | 3,252 | 2,868 | |
| Total Gross Collection | 17,21,168 | 20,64,369 | 19.94% |
| Refunds | 2,62,789 | 3,74,441 | 42.49% |
| Net Collections | 14,58,379 | 16,89,928 | 15.88% |
Footnotes:
- Non-Corporate Taxes includes tax payments by individuals, Hindu Undivided Families (HUFs), firms, Association of Persons (AoPs), Bodies of Individuals (BoIs), local authorities, and artificial juridical persons.
- ‘Other Taxes’ consist of Equalization Levy, Fringe Benefit Tax, Wealth Tax, Banking Cash Transaction Tax, Hotel Receipt Tax, Interest Tax, Expenditure Tax, Estate Duty, and Gift Tax.
Conclusion
The data reflect a robust improvement in direct tax collections, driven by enhanced compliance and efficient administration. As taxpayers continue to embrace their responsibilities, it supports economic growth and stability for the country.