Net direct tax collection rises 14.7% to Rs 17.8 trillion until Feb 10

Corporate tax during the same period grew at a slower pace of 6.1 per cent to Rs 7.8 trillion, while the securities transaction tax grew 65.05 per cent to Rs 49,201 crore

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Net direct tax collection grew 14.7 per cent to Rs 17.8 trillion between April 1 and February 10 of FY25, according to the latest data released by the income tax department on Tuesday.

 

Of this, non-corporate tax — which includes taxes paid by individuals, Hindu Undivided Families, firms, bodies of individuals, associations of persons, local authorities, and artificial juridical persons — surged 20.9 per cent year-on-year (Y-o-Y) to Rs 9.4 trillion.

 

Corporate tax during the same period grew at a slower pace of 6.1 per cent to Rs 7.8 trillion while the securities transaction tax (STT) was up 65.05 per cent to Rs 49,201 crore. 

 

Gross direct tax collections during the period grew 19.1 per cent to Rs 21.9 trillion, with refunds up 42.6 per cent to Rs 4.1 trillion during the same period.

 

The government is targeting a total gross tax revenue of Rs 38.53 trillion (revised estimates) for FY25. This includes a goal of Rs 22.37 trillion from direct taxes and Rs 16.16 trillion from indirect taxes.

 

In the previous financial year (2023-24), the Centre’s net direct tax revenue was Rs 19.6 trillion after accounting for refunds, reflecting a growth rate of 17.7 per cent.