Strong Growth in Direct Tax Collections in FY 2024-25

The government reported a significant surge in net direct tax collections for the period April 1, 2024, to January 12, 2025, reaching ₹16.90 lakh crore. This reflects a year-on-year growth of 15.88%. The gross direct tax collections also experienced robust growth, highlighting the steady momentum in tax compliance and economic activity during this fiscal year

Performance of Gross and Net Direct Tax Collections

Gross direct tax collections saw a remarkable increase of 19.94%, rising from ₹17.21 lakh crore in FY 2023-24 to ₹20.64 lakh crore this year. Refunds issued during this period totalled ₹3.74 lakh crore, marking a 42.49% growth compared to the previous year. After adjusting for refunds, the net collections stood at ₹16.90 lakh crore, showcasing sustained growth in direct tax revenues.

Segment-wise, corporate tax (CT) collections performed steadily, with gross collections reaching ₹9.71 lakh crore, up from ₹8.33 lakh crore last year. Net corporate tax collections after refunds were ₹7.68 lakh crore, an increase from ₹7.10 lakh crore during the same period in the previous fiscal year.

Momentum in Non-Corporate Tax Collections

The non-corporate tax (NCT) segment, which primarily includes personal income tax, displayed robust growth. Gross NCT collections climbed to ₹10.45 lakh crore, compared to ₹8.58 lakh crore in FY 2023-24. After refunds, net NCT collections rose by 15.88% to ₹8.74 lakh crore from ₹7.19 lakh crore last fiscal year, reflecting strong compliance and an expanding tax base.

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