India's FY25 net direct tax collections rise 21% YoY till June 17
India's FY25 net direct tax collections rise 21% YoY till June 17
The Indian government's net direct tax collection rose nearly 21 percent year-on-year to Rs 4.63 lakh crore from April 1 to June 17, Ministry of Finance said on June 18.
On a gross basis, which refers to tax collection before refunds, the mop-up grew more than 22 percent year-on-year to Rs 5.16 lakh crore, the ministry said.
Out of this, corporation income tax collection stood Rs 2.26 lakh crore, while personal income tax, including Securities Transaction Tax or STT mop-up came in at Rs 2.89 lakh crore.
Advance tax collections rose 27.34 percent for FY25 so far to Rs 1.49 lakh crore. This includes Rs 1.14 lakh crore from corporate income tax and Rs 34,470 crore from personal income tax.
The government has issued tax refunds amounting to Rs 53,300 crore in the current financial year that started on April 1, up to June 17, 2024, it added. This is 33.70 percent higher than refunds issued during the same period in the preceding year.
The central government has budgeted Rs 21.99 lakh crore from direct tax collection for this fiscal.