Net Direct Tax Collection for Financial Year 2024-25

The net direct tax collection for FY 2024-25 exhibited a growth of 13.57%. This exceeded the initial budgeted target for the fiscal year.

• Collections marginally missed the revised estimates by ₹9,000 crore due to lower non-corporate tax receipts.
• In absolute terms, total collections reached ₹22.26 lakh crore.
   
  • Corporate tax amounted to ₹9.86 lakh crore.
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  • Non-corporate tax was ₹11.82 lakh crore.
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  • Security transaction tax stood at ₹53,296 crore.
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Comparative Fiscal Data

In the previous fiscal year 2023-24, the Centre collected ₹19.60 lakh crore as direct tax.

• The target for FY 2024-25 was initially set at ₹22.07 lakh crore and later revised to ₹22.37 lakh crore.
• This revision included a hike in non-corporate tax by about ₹71,000 crore.

Tax Buoyancy

The tax buoyancy, which measures the growth rate of direct taxes relative to GDP growth, improved to 1.57 from 1.54 in FY 2023-24.

Non-Corporate Tax Category

• Includes taxes paid by individuals, firms, Hindu Undivided Families (HUFs), local authorities, and artificial juridical persons.

Gross Collection vs. Refunds

• Before refunds, the direct tax collection for FY 2024-25 was ₹27.02 lakh crore, showing a rise of 15.59% compared to ₹23.37 lakh crore in FY 2023-24.
• The tax department issued the highest-ever refunds worth ₹4.76 lakh crore, marking a 26.04% increase from ₹3.78 lakh crore in the previous fiscal year.