New Delhi, June 18, 2024 — The Ministry of Finance today reported a robust growth in Gross Direct Tax (DT) collections for the fiscal year 2024-25, with figures reaching Rs. 5.15 lakh crore as of June 17, 2024. This represents a significant increase of 22.19% compared to the corresponding period in the previous fiscal year.
Net Direct Tax collections also exhibited a strong performance, totaling Rs. 4.62 lakh crore. This marks a 20.99% growth over the same period last year, underscoring the government's efforts to bolster tax compliance and streamline collection processes.
✅Gross Direct Tax (DT) collections for FY 2024-25 as on 17.06.24 at Rs. 5.15 lakh crore, grow at 22.19% over collections of corresponding period in preceding year.
— Income Tax India (@IncomeTaxIndia) June 18, 2024
✅Net DT collections at Rs. 4.62 lakh crore, grow at 20.99% over the collections of corresponding period of the… pic.twitter.com/2iyL7jBkNf
The buoyancy in tax collections is further highlighted by the substantial rise in Advance Tax collections for the first quarter of the fiscal year. These collections stood at Rs. 1.48 lakh crore, reflecting an impressive 27.34% increase over the corresponding period of the preceding year. The surge in advance tax payments indicates growing confidence among taxpayers about their future earnings and economic stability.
In addition to the growth in collections, the government has also expedited the issuance of refunds. As of June 17, 2024, refunds amounting to Rs. 53,322 crore have been issued, which is a 33.70% increase compared to the same period last year. The timely issuance of refunds is part of the government's strategy to enhance taxpayer satisfaction and liquidity in the economy.
The significant rise in both gross and net tax collections can be attributed to a combination of factors, including economic growth, improved compliance measures, and effective enforcement actions by the tax authorities. The growth in advance tax collections, in particular, is a positive indicator of business and economic sentiment, reflecting increased profitability expectations among corporations and individuals alike.
Finance Ministry officials expressed optimism about sustaining this growth trajectory throughout the fiscal year. They highlighted ongoing reforms and initiatives aimed at widening the tax base and simplifying tax administration as key drivers of this positive trend.
Overall, the impressive performance in Direct Tax collections so far this fiscal year reinforces the government's fiscal strength and its ability to meet budgetary targets, providing a solid foundation for continued economic development and public expenditure.
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