The gross direct tax collections, before refunds, saw a robust 19.94 per cent growth year-on-year, rising from Rs 17.21 lakh crore in FY 2023-24 to Rs 20.64 crore this Financial Year. Refunds issued during this period stood at Rs 3.74 lakh crore, an increase of 42.49%.
Segment-wise, corporate tax (CT) collections performed steadily, with gross collections reaching Rs 9.71 lakh crore, up from Rs 8.33 lakh crore last year. After refunds, the net corporate tax collections stood at Rs 7.68 lakh crore, compared to Rs 7.10 lakh crore in the corresponding period last fiscal.
Non-corporate tax (NCT), which primarily includes personal income tax, showed strong momentum. Gross collections climbed to Rs 10.45 lakh crore, compared to Rs 8.58 lakh crore last year. Net collections for this segment grew by 15.88 per cent significantly to Rs 8.74 lakh crore from Rs 7.19 lakh crore.
Corporate tax, personal income tax, securities transaction tax, equalization levy, fringe benefits tax, wealth tax, banking cash transaction tax, hotel receipt tax, interest tax, expenditure tax, estate duty, and gift tax fall under the realm of direct taxes.
