Direct Tax Collections Surge 16.12% in FY 2024-25, Net Collections Total ₹9.95 Lakh Cr by September 17

The Ministry of Finance has reported robust growth in direct tax collections in India for FY 2024-25 up to 17 September 2024. Net direct tax collections reached ₹9,95,766 crore, up 16.12% over the same period in FY 2023-24 (₹8,57,528 crore). Gross collections were ₹12,01,073 crore, a 21.48% increase compared to ₹9,88,724 crore last year. Refunds issued also rose sharply — ₹2,05,307 crore, up 56.49% from ₹1,31,196 crore previously. Split by heads, net corporate tax collections reached ₹4,52,563 crore, while net personal income tax (including securities transaction tax) was ₹5,15,229 crore. Advance tax contributed significantly: total receipts of ₹4,36,067 crore, up 22.61%. Corporates contributed ₹3,31,730 crore (18.17% growth); personal taxpayers contributed ₹1,04,336 crore (39.22% growth). The data suggests increasing compliance, improved profitability among businesses, and strong income tax performance. With collections nearing ₹10 lakh crore in just part of the year, the government appears well placed to meet its budgetary targets.