Tax Triumph: Record Growth in India's 2024-25 Direct Tax Collection

India's provisional net direct tax collection for the 2024-25 fiscal year exceeded expectations, reaching over Rs 22.26 lakh crore, a 13.57% increase. Official data revealed the income tax department issued record refunds. Corporate and non-corporate tax collections contributed to the overall growth.

India's direct tax collection for the 2024-25 fiscal year has surpassed projections, achieving a staggering Rs 22.26 lakh crore, marking a significant 13.57% increase. This growth comes alongside the income tax department issuing the largest refunds in its history, according to government data released on Friday.

The government initially set a target of Rs 22.07 lakh crore, later adjusting it to Rs 22.37 lakh crore in February. Direct taxes collected include corporate, securities transaction tax, and non-corporate taxes, the latter comprising contributions from individuals, firms, and other entities.

Official figures highlighted a substantial growth in the securities transaction tax and robust contributions from corporate and non-corporate taxes. The record refund issuance and tax buoyancy factor underscore the tax department's commitment to transparency and honoring taxpayer claims.

(With inputs from agencies.)