Delhi: The Ministry of Finance announced in a press release today that Direct Tax collections for the Financial Year (FY) 2024-25 have shown significant growth. As of 17th June 2024, Gross Direct Tax collections have reached Rs. 5,15,986 crore, which is 22.19% higher than the previous fiscal year.

Net Direct Tax collections, which account for refunds, stand at Rs. 4,62,664 crore. This includes Corporation Tax (CIT) collections of Rs. 2,26,280 crore and Personal Income Tax (PIT) collections, including Securities Transaction Tax (STT), totaling Rs. 2,88,993 crore.

Advance Tax collections for FY 2024-25 have amounted to Rs. 1,48,823 crore, showing a growth rate of 27.34%. These figures reflect the taxes paid in advance by corporations and individuals based on estimated income.

During the fiscal year, refunds totaling Rs. 53,322 crore have been issued to taxpayers. This amount is 33.70% higher than the refunds issued during the same period in the previous fiscal year, indicating increased compliance and tax refunds. DeshGujarat