Direct Tax Collection for 2024-25: Record Refunds Amidst Growth

The net direct tax collection for the 2024-25 fiscal year grew by 13.57% to Rs 22.26 lakh crore, narrowly missing the revised target. Despite issuing record refunds of Rs 4.76 lakh crore, collection growth was propelled by corporate and non-corporate taxes and a growing STT revenue.

The 2024-25 fiscal year witnessed a significant 13.57% growth in net direct tax collection, reaching Rs 22.26 lakh crore, just shy of the revised budget estimate. The growth was achieved despite issuing the highest-ever refunds.

Notably, corporate tax collection contributed substantially, showing an 8.30% increase to Rs 9.86 lakh crore. Non-corporate taxes grew by 17%, reaching Rs 11.82 lakh crore.

Furthermore, revenues from the securities transaction tax (STT) rose markedly to Rs 53,296 crore. The tax buoyancy factor increased slightly to 1.57, indicating consistent performance relative to GDP growth.

(With inputs from agencies.)