Direct Tax Collections Reach Rs 21.27 Lakh Crore in FY 2024-25, Up 13.13% YoY

Last updated: 18 March 2025


India's direct tax collections for the financial year 2024-25 have witnessed a robust year-on-year (YoY) growth of 13.13%, reaching ₹21.26 lakh crore in net collections as of March 16, 2025, according to data from the Tax Information Network Management Information System (TINMIS).

Direct Tax Collections Reach Rs 21.27 Lakh Crore in FY 2024-25, Up 13.13  YoY

Breakdown of Direct Tax Collections

  • Gross Direct Tax Collections rose by 16.15% to ₹25.86 lakh crore from ₹22.27 lakh crore in the previous year.
  • Refunds Issued increased significantly by 32.51%, amounting to ₹4.60 lakh crore, compared to ₹3.47 lakh crore in FY 2023-24.
  • Corporate Tax (CT) Collections grew to ₹9.69 lakh crore from ₹9.04 lakh crore in the previous year.
  • Non-Corporate Tax (NCT) Collections, which include taxes paid by individuals, Hindu Undivided Families (HUFs), firms, and other entities, increased to ₹11.01 lakh crore, compared to ₹9.37 lakh crore last year.

Advance Tax Payments See Strong Growth

Advance tax collections, which indicate corporate and individual taxpayers' estimates of income tax liability, saw an overall growth of 14.62%, reaching ₹10.44 lakh crore.

  • Corporate Advance Tax collections rose 12.54% to ₹7.57 lakh crore, up from ₹6.72 lakh crore.
  • Non-Corporate Advance Tax collections surged 20.47% to ₹2.87 lakh crore, compared to ₹2.38 lakh crore in the previous year.

Securities Transaction Tax (STT) and Other Tax Revenues

  • STT Collections rose significantly to ₹53,095 crore, from ₹34,131 crore in the previous year.
  • Other tax revenues, including various surcharges and cesses, amounted to ₹3,340 crore.

Key Takeaways

  • The steady growth in direct tax collections reflects stronger economic activity, higher corporate profitability, and improved compliance.
  • The sharp rise in refunds issued suggests a proactive approach by tax authorities to settle claims.
  • The increase in advance tax payments is a positive indicator of expected income growth in both corporate and non-corporate segments.

India's tax revenue trends continue to show strong fiscal momentum, reinforcing expectations of a higher tax-to-GDP ratio in the coming financial year.

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