Data Alert
India FY25 tax mop-up misses revised Budget aim by INR 582 bln
This story was originally published at 19:29 IST on 30 May 2025
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--Govt FY25 gross tax revenue INR 37.952 tln vs INR 38.535 tln revised aim
--Govt: FY25 state tax devolution INR 12.869 tln vs INR 12.87 tln revised aim
NEW DELHI – The central government collected INR 37.952 trillion as taxes in the year ended March, INR 582 billion lower than the revised Budget estimate, data from the Controller General of Accounts showed. The Budget had projected the revised tax collection target for 2024-25 (Apr-Mar) at INR 38.535 trillion. The gross tax collection in FY25 was 9.5% higher than the INR 34.66 trillion collected the previous year.
The lower gross tax collection was primarily on account of a shortfall in income tax collections due to processing of higher refunds. Data by the Central Board of Direct Taxes showed that refunds in FY25 were up 26% on year at INR 4.77 trillion. Income tax mop-up in FY25 rose 17% on year to INR 11.830 trillion.
Corporate tax collections and goods and service tax collections met revised Budget estimate, growing 8.3% and 10.8%, respectively. Corporate tax collections in FY25 were to the tune of INR 9.868 trillion, while Central GST totalled INR 9.090 trillion.
On a net basis, the government collected taxes to the tune of INR 24.990 trillion in FY25, against the revised Budget estimate of INR 25.57 trillion. During FY25, the government's devolution to states was INR 12.869 trillion, up 14% on year. With this, the Centre devolved 100% of the full amount to be shared with states in FY25.
On the indirect tax side, besides Central GST collection, the government's collection fell short of revised estimate on all heads in FY25. Customs duty collections in FY25 was almost flat on year at INR 2.329 trillion, INR 21 billion lower than the revised Budget aim. Excise duty collections in FY25 fell 1.7% on year to INR 3.003 trillion, INR 47 billion below the revised Budget aim.
The details for the central government's tax collections for FY25 are as follows (in billion INR):
| FY25 | FY24 | Year on year % change | |
| Corporation Tax | 9,867.67 | 9,110.55 | 8.3 |
| Income Tax | 11,829.64 | 10,109.48 | 17.0 |
| Securities Transaction Tax | 521.97 | 337.78 | 54.5 |
| Other Receipts | 0.09 | 0.31 | (-)71.0 |
| Central GST | 9,089.8 | 8,206.22 | 10.8 |
| Union territory GST | 50.94 | 54.97 | -()7.3 |
| Integrated GST | (-)329.95 | (-)48.5 | -- |
| GST compensation cess | 1,505.06 | 1,414.36 | 6.4 |
| Customs | 2,328.96 | 2,331.19 | (-)0.1 |
| Excise duty | 3,002.53 | 3,053.62 | (-)1.7 |
| Service Tax | (-)0.16 | 4.25 | -- |
| Other taxes | 85.7 | 80.96 | 5.9 |
| Total | 37,952.25 | 34,655.19 | 9.5 |
End
Reported by Priyasmita Dutta
Edited by Tanima Banerjee
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