India's direct tax collections surge 15.6% to Rs 27 lakh crore in 2024-25

New Delhi [India], April 25 (ANI): India's direct tax collections, in gross terms, have witnessed a robust growth of 15.59 per cent year-on-year, reaching Rs 27.02 lakh crore in the financial year 2024-25, data released by the Central Board of Direct Taxes (CBDT) showed. In 2023-24, it was Rs 23.38 lakh crore.

This rise in collections is attributed to higher corporate and non-corporate tax revenues, as well as a significant surge in securities transaction tax (STT) receipts.

Corporate tax collections rose to Rs 12.72 lakh crore, up from Rs 11.31 lakh crore in the previous fiscal.

The Non-corporate tax collections surged to Rs 13.73 crore from Rs 11.68 lakh crore last fiscal year.

Securities transaction tax (STT) collections witnessed a sharp increase, reaching Rs 53,296 crore, compared to Rs 34,192 crore in the previous year.

Direct taxes are the taxes that individuals and businesses pay directly to the government. They include income tax, Corporate Tax, and Securities transaction tax.

Other taxes, including wealth tax, saw a decline from Rs 4,068 crore to Rs 3,366 crore.

After accounting for refunds, which also saw a significant jump of 26.04 percent to Rs 4.76 lakh crore, the net direct tax collection stood at Rs 22.26 lakh crore in 2024-25, reflecting a 13.57 percent increase compared to Rs 19.60 lakh crore in the same period last year.

The rise in tax collections is a positive sign for India's fiscal health, as it strengthens the government's revenue base and reduces dependence on borrowing.

It also suggests economic resilience despite global uncertainties. Higher tax revenues may allow the government to increase public spending on infrastructure, social welfare, and other key sectors, boosting overall economic growth. (ANI)

(The story has come from a syndicated feed and has not been edited by the Tribune Staff.)