ECONOMY
Net direct tax mop-up target for FY25 met with highest-ever refunds
- IBJ Bureau
- Apr 26, 2025
Provisional net direct tax collection for the 2024-25 financial year has met the set target, growing by 13.57 per cent to over Rs 22.26 lakh crore. Besides, the Income Tax department has issued the highest-ever amount of refunds ever delivered, official data showed on Friday.
The government had set a target of Rs 22,07,000 crore for the direct tax administration, according to the Budget receipt of July 2024 and had revised it to Rs 22,37,000 crore during the Budget presented this February.
Direct taxes include revenue collected by the Union government under the Corporate Taxes and non-Corporate Taxes category (earlier personal Income Tax). The non-Corporate Taxes category includes taxes paid by individuals, firms, Hindu Undivided Families (HUFs), local authorities and artificial juridical persons, etc.
According to official data, the provisional gross (before adjusting for refunds) direct tax collection for the 2024-25 fiscal that ended on March 31 stood at Rs 27.02 lakh crore, registering growth of 15.59 per cent, when compared to the gross collection of Rs 23.37 lakh crore during 2023-24.
Similarly, the provisional figures for net (after issuing refunds) direct tax collections for 2024-25 stood at Rs 22.26 lakh crore, an increase of 13.57 per cent as compared to Rs 19.60 lakh crore in the preceding 2023-24, the data shows.
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