FY25 Tax Receipts Surge 22 percent growth

FY25 Tax Receipts Surge 22 percent Growth in Direct Taxes, 34% Refund Increase

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According to official figures released on Tuesday, the government has collected Rs 4,62,664 crore in direct tax so far this financial year (which runs from April 1 to June 17). This represents a 21% increase over the previous year.

FY25 Tax Receipts Surge 22 percent growth

FY25 Tax Receipts Surge 22 percent Growth

According to preliminary official figures issued on Tuesday, the central government’s net direct tax revenues for the first 11 months of the current financial year were Rs 4,62,664 crore, up 21% from the same period last year. According to the report, corporation tax accounted for Rs 1,80,949 crore of the net direct tax tally, while personal income tax, which includes Securities Transaction Tax (STT), came in at Rs 2,81,013 crore. Both amounts were net of refunds.

According to the report, the government’s advance tax revenues for the period of April 1 to June 17 were Rs 1,48,823 crore, an increase of 27.3%.

Key conclusions from the data from the Finance Ministry are as follows:

The total amount collected was Rs 5,15,986 crore, comprising Rs 2,26,280 crore for corporation tax and Rs 2,88,993 crore for personal income tax (including STT).

From the total amount of taxes collected during the time:

  • There was Rs 1,48,823 crore in advance tax.
  • TDS (tax withheld at source) of Rs 3,24,787 crore
  • Rs 28,471 crore is the self-assessment tax.
  • Standard assessment tax amounting to Rs 10,920 Cr
  • During the 11-week period, it issued refunds of Rs 53,322 crore, which represents a 33.7% increase from the previous year.

Direct taxes: what are they? FY25 Tax Receipts Surge 22 percent growth

Direct taxes, like income tax and corporation tax, are levied by the government directly on people and businesses. These taxes are imposed on the money that taxpayers make or own. They contribute significantly to the funding of vital government initiatives including military, healthcare, and education.

Why is it important to pay direct taxes?

For a number of reasons, direct tax collections are essential:

  • Direct taxes are an important source of funding for governments worldwide and are a fundamental component of economic management and revenue initiatives.
  • Public services are funded by direct collections.
  • They facilitate more equitable resource allocation, economic stability, and the ability of the government to disperse money more fairly.
  • As an instrument for fiscal policy, direct tax revenues enable governments to control stability and economic growth
  • Direct taxes encourage accountability and openness in government.
  • The amount of direct taxes collected indicates a country’s economic soundness.

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