Government's Direct Tax Collections Surge Over 20% in 2024

The gross direct tax collections in 2024-25 have surged by 20.32% to Rs 19.21 lakh crore compared to the previous year's Rs 15.96 lakh crore, according to CBDT data. Net direct tax collections increased by 16.45% to Rs 15.82 lakh crore, and refunds rose by 42.49% to Rs 3.38 lakh crore.

The Central Board of Direct Taxes (CBDT) reported a significant increase in gross direct tax collections for the fiscal year 2024-25, with figures reaching Rs 19.21 lakh crore. This reflects a 20.32% rise compared to the Rs 15.96 lakh crore collected during the same period last year.

Additionally, net direct tax collections saw a rise of 16.45%, amounting to Rs 15.82 lakh crore, compared to Rs 13.59 lakh crore in the previous year. This upsurge highlights the government's improving tax collection efficiency.

The period also witnessed a notable increase in tax refunds, climbing by 42.49% to Rs 3.38 lakh crore from Rs 2.37 lakh crore last year. Direct taxes include various levies like corporate and personal income tax, among others.

(With inputs from agencies.)