New Delhi: The net direct tax collection for the financial year 2024-25 grew at 13.57%, exceeding the initial budgeted target set for the fiscal year, official data released Friday said.
However, the collections marginally slipped the revised estimates by ₹ 9,000 crore on account of lower non-corporate tax receipts.
In absolute terms the collections stood at ₹22.26 lakh crore, including corporate tax of ₹9.86 lakh crore, non corporate tax of ₹11.82 lakh and security transaction tax of ₹53,296 crore.
The Centre had mopped up ₹19.60 lakh crore as direct tax in the preceding 2023-24 fiscal year.
The Centre had set a target of ₹22.07 lakh crore for fiscal year 2024-25 and revised it to ₹ 22.37 lakh crore, hiking the non-corporate tax by about ₹71,000 crore.
Officials said that the collections were on the expected lines.
"The target was on the higher side and on the expected lines, and tax buoyancy is better," an official told ET.
The tax buoyancy, an indicator of the growth rate of direct taxes relative to GDP growth, stood at 1.57, up from 1.54 in the 2023-24 fiscal year.
The non-corporate taxes category includes taxes paid by individuals, firms, Hindu Undivided Families (HUFs), local authorities, artificial juridical persons etc.
Before adjusting for refunds, direct tax collection for the fiscal 2024-25 stood at ₹27.02 lakh crore, up 15.59%, compared to the gross collection of ₹ 23.37 lakh crore in 2023-24 fiscal.
The tax department issued the highest-ever refunds worth ₹4.76 lakh crore in 2024-25 fiscal; an increase of 26.04% as compared to the refunds of ₹3.78 lakh crore issued during the last fiscal of 2023-24.
However, the collections marginally slipped the revised estimates by ₹ 9,000 crore on account of lower non-corporate tax receipts.
In absolute terms the collections stood at ₹22.26 lakh crore, including corporate tax of ₹9.86 lakh crore, non corporate tax of ₹11.82 lakh and security transaction tax of ₹53,296 crore.
The Centre had mopped up ₹19.60 lakh crore as direct tax in the preceding 2023-24 fiscal year.
The Centre had set a target of ₹22.07 lakh crore for fiscal year 2024-25 and revised it to ₹ 22.37 lakh crore, hiking the non-corporate tax by about ₹71,000 crore.
Officials said that the collections were on the expected lines.
"The target was on the higher side and on the expected lines, and tax buoyancy is better," an official told ET.
The tax buoyancy, an indicator of the growth rate of direct taxes relative to GDP growth, stood at 1.57, up from 1.54 in the 2023-24 fiscal year.
The non-corporate taxes category includes taxes paid by individuals, firms, Hindu Undivided Families (HUFs), local authorities, artificial juridical persons etc.
Before adjusting for refunds, direct tax collection for the fiscal 2024-25 stood at ₹27.02 lakh crore, up 15.59%, compared to the gross collection of ₹ 23.37 lakh crore in 2023-24 fiscal.
The tax department issued the highest-ever refunds worth ₹4.76 lakh crore in 2024-25 fiscal; an increase of 26.04% as compared to the refunds of ₹3.78 lakh crore issued during the last fiscal of 2023-24.
You may also like
"We have to go out, express ourselves": KKR all-rounder Moeen Ali ahead of clash against PBKS
Inside India's Bureaucratic Drama: Extensions, Suspensions, and the Call for Transparency
DWP PIP bonus could offer up to £36,000 to redo your home
From grazing goats to cracking UPSC: Shepherd boy from Karnataka rises to rank 551
Virginia Giuffre dead: Family heartbroken as Jeffrey Epstein victim passes away after suicide
