During this period, refunds issued amounted to Rs 70,902 crore, showing a significant increase of 64.49 per cent from the previous year.
Digital Desk: In the financial year 2024-25, the Income Tax Department has accumulated over Rs 6,45,000 crore in direct tax collections, marking a substantial rise from the previous year. This total comprises corporate tax, personal income tax, securities transaction tax, and other levies.
Latest reports indicate that the gross collection for FY 2024-25 stands at Rs 6,45,259 crore, reflecting a notable growth of 23.24 per cent compared to the previous year. Corporate tax contributed Rs 2,65,336 crore, while personal income tax amounted to Rs 3,61,862 crore. Securities transaction tax reached Rs 1,426 crore, and other taxes collectively totaled Rs 16,634 crore.
During this period, refunds issued amounted to Rs 70,902 crore, showing a significant increase of 64.49 per cent from the previous year. Corporate tax refunds accounted for Rs 55,063 crore, personal income tax refunds were Rs 15,826 crore, and securities transaction tax refunds totaled Rs 13 crore.
After accounting for refunds, the net collection reached Rs 5,74,357 crore, demonstrating growth rates of 19.54 per cent in corporate tax, 12.47 per cent in personal income tax, and 24.07 per cent in collections from other taxes.
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