Direct Tax Collections Surge 15 Per Cent In April-Nov In FY25

The data from the Central Board of Direct Taxes (CBDT) showed that refunds issued during the period stood at Rs 2.91 trillion, jumping 53 per cent from the April-Nov period in FY24

The growth in the net-direct tax revenue collection so far in the year is much more rapid than the 12.8 per cent growth assumed in the Budget presentation in July.

Source : ABPLIVE AI

The direct tax collection in India surged during the April-November period in the current fiscal year. The central government logged a collection of Rs 12.1 trillion in the period under review, climbing 15.41 per cent against the corresponding period in the preceding 2023-24 fiscal year (FY24).

The data from the Central Board of Direct Taxes (CBDT) showed that refunds issued during the period stood at Rs 2.91 trillion, jumping 53 per cent from the April-Nov period in FY24. The gross direct tax collection before adjusting for refunds climbed 21.2 per cent to Rs 15 trillion in the period under review, reported Livemint. 

The corporate tax collection after adjusting for refunds touched Rs 5.1 trillion during this period, in comparison to Rs 4.79 trillion logged in the year-ago period. 

The government also received non-corporate tax revenue, including majorly personal income tax of Rs 6.61 trillion during the Apr-Nov period, after adjusting for refunds. In the same period a year earlier, the authorities collected non-corporate tax worth Rs 5.48 trillion.

The data revealed that securities transaction tax collections touched Rs 35,923 crore in the current fiscal year so far, soaring over 90 per cent from Rs 18,909 crore in the same period a year earlier.

The tax department in the year so far has collected 55 per cent of its direct tax collection target of Rs 22 trillion for the whole fiscal year. This jump in direct tax revenue was attributed to an increase in tax base. This growth in the net-direct tax revenue collection so far in the year is much more rapid than the 12.8 per cent growth assumed in the Budget presentation in July.

Further, detailed data collection, pre-filling of tax return forms, promotion of digital payments, restrictions on cash usage, and wide use of taxes deducted or collected at source also helped boost this collection.