NEW DELHI: The central government’s net direct tax collection for 2024-25 has soared 16.5% to Rs 15.82 lakh crore till December 17, 2024, thanks to healthy personal income tax collections even as growth in corporate taxes remained moderate.
During the same period previous year, the government had collected Rs 13.59 lakh crore. The gross collection during the period rose 20.32% to Rs 19.21 lakh crore. Refunds by the tax department for FY25 till December 17, 2024 rose by 42.5% to Rs 3.4 lakh crore. For FY25, the government has a target of collecting Rs 22 lakh crore through direct taxes.
Net corporate tax collections grew by 8.5% to Rs 7.42 lakh crore. The corporate tax mop-up mirrors muted profit growth by Indian Inc in the first half of FY25. The growth rate so far in corporate tax collection is lower than the budgeted growth of 10.5%.
Net personal income tax collection surged by 22.5% to Rs 7.97 lakh crore in 2024-25 till December 17. Gross income tax collections rose by 22%, while refunds grew by 39% to Rs 1.56 lakh crore. The budget target for personal income tax collection for FY25 is Rs 11.87 lakh crore, a growth of 16% from collections in the previous year. Collection from securities transaction tax (STT) almost doubled to Rs 40,114 crore during the period.