India's direct tax collections surge 19.06 pc YoY to Rs 21.88 lakh cr as of Feb 10
India's direct tax collections have witnessed a robust growth of 19.06 per cent year-on-year (YoY), reaching Rs 21.88 lakh crore in the financial year 2024-25 (up to February 10, 2025), as per the latest data released by the Income Tax Department.
ANI
Feb 12, 2025 08:09 IST
New Delhi [India], February 12 (ANI): India's direct tax collections have witnessed a robust growth of 19.06 per cent year-on-year (YoY), reaching Rs 21.88 lakh crore in the financial year 2024-25 (up to February 10, 2025), as per the latest data released by the Income Tax Department.
This rise in collections is attributed to higher corporate and non-corporate tax revenues, as well as a significant surge in securities transaction tax (STT) receipts.
The data released by the department highlighted that the gross direct tax collection for the ongoing fiscal stood at Rs 21,88,508 crore, compared to Rs 18,38,194 crore collected in the same period last year. The growth has been driven largely by corporate tax (CT) and non-corporate tax (NCT) collections.
Corporate tax collections rose to Rs 10,08,207 crore, up from Rs 8,74,561 crore in the previous fiscal. The Non-corporate tax collections surged to Rs 11,28,040 crore from Rs 9,30,364 crore last year. Securities transaction tax (STT) collections witnessed a sharp increase, reaching Rs 49,201 crore, compared to Rs 29,808 crore in the previous year.
Direct taxes are the taxes that individuals and businesses pay directly to the government. It includes income tax, Corporate Tax, Securities transaction tax.
Other taxes, including wealth tax, saw a marginal decline from Rs 3,461 crore to Rs 3,059 crore.
After accounting for refunds, which also saw a significant jump of 42.63 per cent to Rs 4,10,105 crore, the net direct tax collection stood at Rs 17,78,402 crore, reflecting a 14.69 per cent increase compared to Rs 15,50,663 crore in the same period last year.
The rise in tax collections is a positive sign for India's fiscal health, as it strengthens the government's revenue base and reduces dependence on borrowing. It also suggests economic resilience despite global uncertainties. Higher tax revenues may allow the government to increase public spending on infrastructure, social welfare, and other key sectors, boosting overall economic growth.
With two months remaining in the financial year, direct tax collections are likely to surpass budget estimates. (ANI)
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