New Delhi, January 12, 2025: The latest figures released by the Tax Information Network Management and Information System (TINMIS) reveal a significant 19.94% growth in gross direct tax collections for FY 2024-25, as of January 12, 2025. The total gross collection reached ₹20,64,369 crore, compared to ₹17,21,168 crore during the same period in FY 2023-24. This increase highlights the robust growth of India’s tax base and efficient revenue mobilization.
Breakdown of Collections
The key contributors to the gross tax collection are as follows:
- Corporate Tax (CT): ₹9,71,875 crore, up from ₹8,33,874 crore in FY 2023-24.
- Non-Corporate Tax (NCT): ₹10,45,088 crore, rising from ₹8,58,627 crore last fiscal year.
- Securities Transaction Tax (STT): ₹44,538 crore, reflecting a sharp increase from ₹25,415 crore previously.
- Other Taxes: ₹2,868 crore, compared to ₹3,252 crore in FY 2023-24.
The refund payouts also witnessed a considerable increase of 42.49%, from ₹2,62,789 crore in FY 2023-24 to ₹3,74,441 crore in FY 2024-25. This underscores the government’s commitment to ensuring timely refunds to taxpayers.
Net Collections and Growth
The net direct tax collections after refunds grew by 15.88%, amounting to ₹16,89,928 crore, compared to ₹14,58,379 crore during the same period last year. The Corporate Tax net collection stood at ₹7,68,128 crore, while the Non-Corporate Tax net collection rose to ₹8,74,442 crore.
Total Growth Highlights
The overall growth rates in tax categories are as follows:
- Corporate Tax: 16.51%
- Non-Corporate Tax: 21.83%
- Securities Transaction Tax: 75.14%
- Other Taxes: -13.33%
The surge in tax collections indicates robust economic activity and improved tax compliance. The significant growth in Securities Transaction Tax suggests heightened market participation and trading volumes. Meanwhile, the rise in Corporate and Non-Corporate Tax collections reflects a steady expansion of India’s economic base.
Experts anticipate this positive trend to continue, reinforcing fiscal stability and providing the government with resources to fund developmental projects.
