India’s Tax Collection Grows by 19.54% in 2024-25: Income Tax Department Reports

New Delhi [India], July 13: The net direct tax collection of the government registered a significant growth of 19.54% in the financial year 2024-25, amounting to Rs 5,74,357 crore by July 11, according to the income tax department. Last year during the same period, the net direct tax collection was Rs 4,80,458 crore.

Moreover, the total refunds issued in FY 2024-25 amounted to Rs 70,902 crore, a significant surge of 64.49% compared to the previous year’s Rs 43,105 crore. This increase highlights the government’s efficiency in processing claims and providing timely relief to taxpayers.

The total gross direct tax collection registered a growth of 23.24% by July 11 in FY 2024-25, compared to the same period in FY 2023-24. The gross direct tax collection during the current financial year up to July 11 stands at Rs 6,45,259 crore, up from Rs 5,23,563 crore collected during the same period in FY 2023-24.

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. The breakdown of the individual components of direct taxes reveals impressive growth rates across the board.

Overall, the direct tax collections for FY 2024-25 showed a positive growth trajectory across various tax categories.