India’s net direct tax collections have demonstrated robust growth, reaching ₹21.26 lakh crore by March 15, marking a 13.13% increase compared to the previous year. This surge is largely driven by strong advance tax collections, which have totalled ₹10.44 lakh crore, as per news reports.
According to official data released on Monday, the net direct tax collections between 1 April 2024 and 15 March 2024 stood at ₹21.26 lakh crore.
This growth was significantly supported by a 14.62% rise in total advance tax collections, which amounted to ₹10.44 lakh crore. For the March quarter alone, the advance tax collections reached ₹2.94 lakh crore.
Breaking down the contributions, corporate taxpayers have paid ₹7.57 lakh crore in advance tax, while individuals, firms, and LLPs have contributed ₹2.87 lakh crore during the April to 15 March period.
Among the net direct tax collections, corporate tax accounted for ₹9.69 lakh crore, whereas personal income tax stood at ₹11.01 lakh crore.
The gross direct tax collections before accounting for refunds reached ₹25.86 lakh crore as of 15 March, reflecting a 16.22% increase from the same period last year. Meanwhile, the government has issued record refunds amounting to ₹4.60 lakh crore, registering a significant 38.13% increase compared to the ₹3.3 lakh crore in refunds issued during the same period last year.
With tax collections exhibiting such impressive growth, India is on track to comfortably meet its fiscal targets, further strengthening its financial position.
The latest data on direct tax collections highlights steady growth, driven by strong corporate and personal income tax contributions. Increased advance tax payments and higher refunds have played a crucial role in shaping the overall tax revenue.
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Published on: Mar 18, 2025, 9:28 AM IST
Neha Dubey
Neha Dubey is a Content Analyst with 3 years of experience in financial journalism, having written for a leading newswire agency and multiple newspapers. At Angel One, she creates daily content on finance and the economy. Neha holds a degree in Economics and a Master’s in Journalism.
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