Net direct tax collections rise 13% to Rs 21.3 trn till March 16 of FY25

Advance tax collections so far in the current financial year grew by 14.6 per cent to Rs 10.4 trillion, up from Rs 9.11 trillion in the previous year. The fourth instalment of advance tax payment was due on March 15.

By Connect Gujarat Desk 17 Mar 2025 in Business

New Update

Net direct tax collections rise 13% to Rs 21.3 trn till March 16 of FY25

Net direct tax collections rose by a robust 13.13 per cent to Rs 21.3 trillion till March 16, 2025, boosted by a significant jump in advance tax collections, according to the latest data released by the Income Tax Department on Monday.

Of the net direct tax collections, non-corporate tax—which includes taxes paid by individuals, Hindu Undivided Families (HUFs), firms, bodies of individuals, associations of persons, local authorities, and artificial judicial persons—grew at a robust 17.5 per cent Y-o-Y to Rs 11.01 trillion.

Corporate tax, during the same period, surged at a slower pace of 7.1 per cent to Rs 9.69 trillion. The securities transaction tax (STT) grew by 55.5 per cent to Rs 53,095 crore.

In advance tax collections, corporate tax grew 12.5 per cent to Rs 7.6 trillion, while non-corporate tax rose 20.5 per cent to Rs 2.9 trillion, as per the data.

The government is targeting a total gross tax revenue of Rs 38.53 trillion (revised estimates) for FY25. This includes a goal of Rs 22.37 trillion from direct taxes and Rs 16.16 trillion from indirect taxes.

In the previous financial year (2023-24), the Centre’s net direct tax revenue was Rs 19.6 trillion after accounting for refunds, reflecting a growth rate of 17.7 per cent.

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