Tax Collection
Govt FY25 direct tax mop-up rises 14%, but misses Budget aim by INR 108 bln
This story was originally published at 21:03 IST on 25 April 2025
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--Govt: FY25 gross direct tax collection INR 27.03 tln, up 15.6% YoY
--Govt: FY25 net direct tax collection INR 22.26 tln, up 13.6% YoY
--Govt: FY25 gross corporate tax collection INR 12.73 tln, up 12.4% YoY
--Govt: FY25 net corporate tax collection INR 9.87 tln, up 8.3% YoY
--Govt: FY25 STT collection INR 532.96 bln, up 55.9% YoY
--FY25 direct tax collection misses revised Budget aim by INR 108 bln
NEW DELHI – The government's net direct tax collections for 2024-25 (Apr-Mar) fell short of the revised Budget target by INR 108 billion, provisional data released by the finance ministry on Friday showed. The direct tax collections, net of refunds, in FY25 rose 13.6% on year to INR 22.26 trillion. This was lower than the revised Budget estimate of INR 22.37 trillion. On a gross basis, the government collected INR 27.03 trillion as direct taxes, up 15.6% on year.
The government had pegged the direct tax collection target at INR 22.07 trillion in the FY25 Budget, but it was revised higher to INR 22.37 trillion in the revised Budget in February.
Gross corporate tax collections rose 12.4% on year to INR 12.73 trillion in FY25, while gross non-corporate tax collections were up 17.6% at INR 13.74 trillion. Non-corporate tax includes taxes paid by individuals, Hindu Undivided Families, firms, associations of persons, bodies of individuals, local authorities, and artificial juridical persons.
Net of refunds, corporate tax collections rose 8.3% on year to INR 9.87 trillion in FY25, and non-corporate tax collections were up 17.0% at INR 11.83 trillion.
The securities transaction tax mop-up was up 55.9% at INR 532.96 billion, but lower than the Budget estimate. The revised Budget estimate for securities transaction tax collection in FY25 was INR 550.00 billion.
The government issued refunds worth INR 4.77 trillion in FY25, up 26.0% from FY24. End
Reported by Shubham Rana
Edited by Saji George Titus
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