Net Direct Tax Collections Up By 13.13% To Rs 21.26 Lakh Crore
Net corporate tax collection increased 7% to Rs 9.69 lakh crore between April 1, 2024, and March 16, 2025.
The net direct tax collection increased 13.13% to over Rs 21.26 lakh crore so far in this financial year due to higher advance tax collection, according to government data reports released on Monday.
The centre saw a growth of 14.62% and collected Rs 10.44 lakh crore from four installments of advance tax as against Rs 9.11 lakh crore in the previous fiscal year.
The fourth and final installment of advance tax payments for the fiscal was due on March 15, 2025. Corporate tax advance payments increased 12.54% to Rs 7.57 lakh crore, while non-corporate tax payments, including personal income tax, grew 20.47% to Rs 2.87 lakh crore.
Individuals with an estimated tax liability above Rs 100,000 are required to pay advance tax, as per Section 208 of the Income Tax Act. Advance tax is paid in four installments: June 15, Sept. 15, Dec. 15, and March 15.
According to data released by the Central Board of Direct Taxes, net non-corporate tax collections rose 17% year-on-year to Rs 11.01 lakh crore. Net corporate tax collection increased 7% to Rs 9.69 lakh crore between April 1, 2024, and March 16, 2025.
Net direct tax collections grew 13.13% to Rs 21.26 lakh crore. Securities transaction tax collections surged 56% to Rs 53,095 crore. Refunds worth over Rs 4.6 lakh crore were issued during the period, up from Rs 3.47 lakh crore in the previous year.
Gross direct tax mop-up till March 16 grew 16.15% to more than Rs 25.86 lakh crore.
In the revised estimates for the current fiscal, the government has pegged income tax collections at Rs 12.57 lakh crore, up from the budget estimate of Rs 11.87 lakh crore.
The collection from STT is pegged at Rs 55,000 crore in this fiscal in RE, higher than the budget estimate of Rs 37,000 crore.
The corporate tax collection target was revised lower at Rs 9.80 lakh crore, down from the budget target of Rs 10.20 lakh crore.
In total, the RE pegs direct tax collections at Rs 22.37 lakh crore, higher from Rs 22.07 lakh crore in BE.
(With Inputs From PTI.)
