Gross Direct Tax

As of 17 June 2024, the provisional figures for Direct Tax collections in the Financial Year 2024-25 indicate that Net collections have reached Rs 4,62,664 crore, reflecting a 20.99 percent increase from Rs 3,82,414 crore in the same period of the previous Financial Year, 2023-24.

The Net Direct Tax collection of Rs 4,62,664 crore includes Corporation Tax amounting to Rs 1,80,949 crore (after refunds) and Personal Income Tax, which encompasses Securities Transaction Tax, totalling Rs 2,81,013 crore (after refunds).

Before accounting for refunds, the provisional Gross collection of Direct Taxes for FY 2024-25 is Rs 5,15,986 crore, which is a 22.19 percent increase from Rs 4,22,295 crore during the corresponding period of the previous Financial Year, 2023-24.

The Gross collection of Rs 5,15,986 crore comprises Rs 2,26,280 crore from Corporation Tax and Rs 2,88,993 crore from Personal Income Tax, including Securities Transaction Tax. The collection is broken down into Advance Tax of Rs 1,48,823 crore, Tax Deducted at Source of Rs 3,24,787 crore, Self-Assessment Tax of Rs 28,471 crore, Regular Assessment Tax of Rs 10,920 crore, and other minor heads totalling Rs 2,985 crore.

Advance Tax collections for FY 2024-25 as of 17 June 2024, are provisionally Rs 1,48,823 crore, showing a 27.34 percent increase compared to Rs 1,16,875 crore in the same period of the previous Financial Year, 2023-24. This includes Corporation Tax of Rs 1,14,353 crore and Personal Income Tax of Rs 34,470 crore.

Refunds issued in FY 2024-25 until 17 June 2024, amount to Rs 53,322 crore, which is 33.70 percent higher than the refunds issued in the same period of the previous year.

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