India's Direct Tax Collection Surges by 21.48% in FY 2024-25

India's direct tax collection for FY 2024-25 saw a 21.48% increase, reaching Rs 12.01 lakh crore by September 17, 2024. This growth was driven by a rise in the Securities Transaction Tax and corporate tax. The total net collection and advance tax also showed substantial growth.

India's direct tax net collection for the financial year 2024-25 has surged by 21.48%, according to the latest data from the Central Board of Direct Taxes (CBDT). The gross collection stood at Rs 12.01 lakh crore from April to September, up from Rs 9.88 lakh crore in the same period last year.

The net collection rose by 16.12% to Rs 9.95 lakh crore, compared to Rs 8.57 lakh crore as of September 17, 2023. A significant contributor to this increase was the Securities Transaction Tax (STT), which doubled to Rs 26,154 crore from Rs 13,352 crore last year, indicating heightened investor activity in the equity markets.

Corporate tax collections also saw an 18.26% increase, reaching Rs 5.58 lakh crore, up from Rs 4.72 lakh crore in the previous year. Personal income tax collections rose by 22.8% to Rs 6.14 lakh crore. Advance tax collections, a key element in government fiscal planning, surged by 22.61% overall. Total collections in this category reached Rs 4.36 lakh crore, with corporate advance tax rising by 18.17% and personal advance tax shooting up by 37.22% to Rs 1.04 lakh crore.

(With inputs from agencies.)