New Delhi: India’s net direct tax collection for the financial year 2024-25 has seen a significant surge, with an increase of 18.35 per cent to almost Rs 11.26 lakh crore year on year, as of 10 October, the data from the Central Board of Direct Taxes (CBDT) shows.
The gross collection of direct tax grew 22.30 per cent to Rs 13.57 lakh crore year on year, as of 10 October, the data shows. The refund amounting to Rs 2.31 lakh crore released during the period. The refund amount saw a growth of 46 per cent.
The data indicates that the key contributor in the collections is a major uptick in the Securities Transaction Tax (STT), which almost doubled to Rs 30,630 crore from Rs 16,373 crore in 2023 during this period.
The collections STT indicates the increased investor exposure in the equity markets. Securities Transaction Tax is a tax payable in India on the value of securities transacted through a recognized stock exchange.
Going further, the data indicates that tax collections from the corporate tax also increased significantly reaching at 6.11 crore, in the FY 2024-25 compared to last years’ Rs 5.11 crore. As per the data, gross personal income tax collections rose to Rs 7.13 lakh crore from Rs 5.79 lakh crore, while the net collection stood at 5.98 lakh crores.
As per the figures released in September, the direct tax net collection for the financial year 2024-25 has seen a significant surge, with an increase of 21.48 per cent. Direct tax, a type of tax imposed directly on individuals and entities based on their income or wealth, includes categories such as corporate tax, income tax, and securities tax. Overall, the direct tax collections for FY 2024-25 showed a positive growth trajectory across various tax categories.