Income Tax and Corporate Tax Net Collections Surge to Rs. 4.62L Crore in FY 2024-25, Marking 20.99% Hike [Read More]

The Ministry of Finance reported a significant 20.99% increase in net collections of direct taxes for the Financial Year 2024-25 as of June 17, 2024. Provisional figures indicated collections amounting to Rs. 4,62,664 crore, up from Rs. 3,82,414 crore in the corresponding period of FY 2023-24. \r

The net collections include Corporation Tax at Rs. 1,80,949 crore and personal income tax (including Securities Transaction Tax) at Rs. 2,81,013 crore. Gross collections before refunds totaled Rs. 5,15,986 crore, reflecting a robust growth of 22.19% compared to the previous year. \r

Refunds issued during this period amounted to Rs. 53,322 crore, marking a 33.70% increase year-on-year.