Government’s net direct tax collection increased by 15.9%: ₹16.89 lakh crore so far in FY-25, tax refund of ₹3.74 lakh crore issued

The net direct tax collection of the Government of India has increased by 15.9% to Rs 16.89 lakh crore in the current financial year-2024-25. In the same period last year, it was Rs 14.58 lakh crore. The Income Tax Department gave this information on January 13 (Monday).

Central Board of Direct Taxes (CBDT) said that till January 12, net direct tax collection of Rs 16.89 lakh crore has been done. This includes corporate tax (net of refund) of Rs 7.68 lakh crore, non-corporate tax of Rs 8.74 lakh crore and securities transaction tax (net of refund) of Rs 44,538 crore.

Government issued refund of Rs 3.74 lakh crore

The government issued direct tax refunds worth Rs 3.74 lakh crore till January 12, which is a growth of 42.49% compared to the same period in 2023-24. Whereas in non-corporate tax collection, there was a growth of 21.5% in advance tax. There has been an increase of only 8% in corporate tax.

Tax collection is important because it helps the government meet its fiscal deficit target. The Center has set a target of 4.9% fiscal deficit for FY 25 in the July budget.

Direct tax collection on gross basis before adjusting refunds stood at Rs 20.64 lakh crore till January 12, a growth of 19.9% ​​compared to the same period a year ago.

Difference between direct and indirect tax?

The tax which is collected directly from the common man is called direct tax. Direct taxes include corporate and personal income tax. Tax imposed on shares or other assets is also called direct tax. The tax which is not taken directly from the general public, but is also collected from the general public, is called indirect tax. This includes excise duty, custom duty, GST.

Earlier there were many types of indirect taxes in the country. But from July 1, 2017, all types of indirect taxes have been included in GST. However, taxes on petroleum products and liquor are currently kept out of the purview of GST. Tax collection is considered to reflect economic activities in any country. Direct tax collection in India has been good this year.