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India’s net direct tax kitty swells 15% to ₹17.78 lakh crore so far in FY25: CBDT
- India's net direct tax collection has risen 15 per cent to ₹17.78 lakh crore so far in the current fiscal 2024-15 (FY15), according to Taxman's data on Tuesday.
India's net direct tax collection grew 14.69 per cent to over ₹17.78 lakh crore so far in the current fiscal 2024-25 (FY25). According to data released by the Central Board of Direct Taxes (CBDT) on Tuesday, February 11, the mop-up from the net non-corporate taxes, which include mainly personal income tax, grew 21 per cent year-on-year (YoY) to about ₹9.48 lakh crore.
The net corporate tax collection rose more than 6 per cent to over ₹7.78 lakh crore between April 1, 2024, and February 10, 2025. The net collections from securities transaction tax (STT) jumped 65 per cent to ₹49,201 crore so far in FY25. Refunds worth more than ₹4.10 lakh crore were issued during the period, a 42.63 per cent increase against the year-ago period.
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India's net direct collection in FY25
India's gross direct tax mop until February 10 grew 19.06 per cent to more than ₹21.88 lakh crore. In the revised estimates (RE) for the current fiscal year, the government has pegged the total income tax collection to be ₹12.57 lakh crore, up from the budget estimate of ₹11.87 lakh crore.
The collection from STT is pegged at ₹55,000 crore in RE this fiscal year, which is higher than the budget estimate (BE) of ₹37,000 crore. The corporate tax collection target was revised lower to ₹9.80 lakh crore, down from the budget target of ₹10.20 lakh crore. In total, the RE pegs direct tax collections at ₹22.37 lakh crore, which is higher than the ₹22.07 lakh crore in BE.
Meanwhile, according to reports, the new Income Tax (I-T) Bill will be introduced in the Lok Sabha on Thursday, February 13. FM Sitharaman had indicated that the bill would be sent to a parliamentary committee for scrutiny. "The process is the committee gives its recommendations, it comes back, and then the government, through the Cabinet, takes a call whether these amendments are to be taken in," she said.
In the July 2024 Budget, the government proposed a comprehensive review of the Income-tax Act of 1961. The purpose was to make the Act concise and lucid and reduce disputes and litigation. FM Sitharaman said in her budget speech on February 1 that the bill would soon be introduced in Parliament.
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Business NewsEconomyIndia’s net direct tax kitty swells 15% to ₹17.78 lakh crore so far in FY25: CBDT
First Published:11 Feb 2025, 08:59 PM IST
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