Net direct tax collection spikes 19.5% to ₹5.74 lakh crore so far in FY25: I-T dept

Net direct tax collection for FY 2024-25 spiked to ₹5.74 lakh crore till July 11, 2024, witnessing a jump of 19.54 percent over the preceding fiscal, data released by the income tax (I-T) department indicated.

The gross collection of direct tax rose to ₹6.45 lakh crore, thus showing a jump of 23.24 percent.

Meanwhile, income tax refunds stood at ₹70,902 crore, a figure 64.49 percent higher than the corresponding figure in fiscal 2024.

The Income Tax (I-T) department released the latest figures on its official website on Friday evening.

If one takes a deep dive, one would discover that out of the net collection of ₹5.74 lakh crore of direct tax as on July 11, 2024, personal income tax collection contributed ₹3.46 lakh crore, whereas corporate tax contributed ₹2.10 lakh crore (see table below).

Securities transaction tax (STT) receipts, at the same time, stood at ₹16,634 crore while ‘other taxes’ amounted to ₹1,413 crore, the I-T department’s data revealed.

Other taxes (mentioned above) include equalisation levy, fringe benefit tax, wealth tax, banking cash transaction tax, hotel receipt tax, interest tax, expenditure tax, estate duty and gift tax.

Gross collection

Similarly, out of the gross collection of ₹6.45 lakh crore till July 11 this year, personal income tax contributed ₹3.61 lakh crore and corporate tax contributed ₹2.65 lakh crore.

Meanwhile, the proportion of securities transaction tax (STT) in gross collection stood at ₹16,634 crore and other taxes stood at ₹1,426 crore.

When seen in the percentage terms, gross collection of corporate tax saw a growth of 20.44 percent, personal income tax (gross) witnessed a growth of 22.76 percent and personal income tax (including STT) saw a jump of 25.31 percent.

Refunds

When it comes to refunds amounting to ₹70,902 crore, maximum refund of ₹55,063 crore was made to corporate taxpayers, whereas personal income tax payers received refunds amounting to ₹15,826 crore. Other taxes contributed a paltry ₹13 crore in refunds.