New Delhi: Direct tax collections in India, in gross terms, have climbed 15.59 per cent year-on-year. The direct tax collection reached Rs 27.02 lakh crore in the financial year 2024-25. Data released by the Central Board of Direct Taxes (CBDT) showed this . In 2023-24, it was Rs 23.38 lakh crore.
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. Other taxes, including wealth tax, saw a decline from Rs 4,068 crore to Rs 3,366 crore.
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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.
Direct taxes are collected from individuals and companies by the supreme tax body in the country. Direct taxes are directly paid by the tax payers. Direct taxes include personal income tax (PIT) and corporate income tax (CIT), besides taxes such as securities transaction tax (STT). Indirect tax is not paid directly by a person to the government. The net direct tax collection means the gross tax collection minus the refund.
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