Gross direct tax collections grow 22% in first 11 weeks of FY25; refunds up 34%
The government's direct tax collections so far this financial year (April 1 to June 17) stood Rs 4,62,664 crore, up 21 per cent on a year-on-year basis, official data showed on Tuesday.
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06:41 PM IST
The central government's net direct tax collections stood at Rs 4,62,664 crore for the first 11 months of the current financial year, up 21 per cent on a year-on-year basis, according to provisional official data released on Tuesday. Out of the net direct tax tally, corporation tax came in at Rs 1,80,949 crore and personal income tax including Securities Transaction Tax (STT) at Rs 2,81,013 crore - both figures net of refunds, the data showed.
The government's advance tax collections for the period, from April 1 to June 17, came in at Rs 1,48,823 crore, up 27.3 per cent, the data showed.
Here are some key takeaways from the finance ministry data:
Gross collections were at Rs 5,15,986 crore, which included corporation tax of Rs 2,26,280 crore and personal income tax (including STT) of Rs 2,88,993 crore.
Out of the gross tax collections during the period:
- Advance tax stood at Rs 1,48,823 crore
- Tax deducted at source (TDS) at Rs 3,24,787 crore
- Self-assessment tax at Rs 28,471 crore
- Regular assessment tax at Rs 10,920 crore
Its refunds amounted Rs 53,322 crore during the 11-week period, up 33.7 per cent on a year-on-year basis.
What are direct taxes?
Direct taxes are taxes imposed on individuals and organisations directly by the government, such as income tax and corporate tax. These taxes are levied on income earned or wealth possessed by taxpayers. They play a significant role in financing essential government functions such as healthcare, education, and defense.
Why do direct taxes matter?
Direct tax collections are crucial for several reasons:
- Direct taxes serve as a cornerstone of government revenue and economic management strategies globally, constituting a significant source of revenue for the government
- Direct collections fund public services
- They promote economic stability
- They ensure the equitable distribution of resources
- They enable the government to redistribute wealth more equitably
- Direct tax collections serve as a tool for fiscal policy, allowing governments to regulate economic growth and stability
- Direct taxes promote transparency and accountability in governance
- Direct tax collections reflect the economic health of a nation
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