India’s direct tax collection increased to Rs 21.88 lakh crore on February 10 from 19.06 PC Yoy

India’s direct tax collection has seen a strong growth of 19.06 percent year-on-year (YOY), which has reached Rs 21.88 lakh crore in the financial year 2024-25 (till February 10, 2025), as released by Income tax department according to the latest data made.

This increase in the collection is responsible for high corporate and non-corporate tax revenue, as well as a significant increase in securities transactions (STT) receipts.

The data released by the department highlighted that the gross direct tax collection for the ongoing fiscal was Rs 21,88,508 crore, compared to Rs 18,38,194 crore collected in the same period last year. The development is largely operated by the collecting corporate tax (CT) and non-corporate tax (NCT) collection.

The corporate tax collection increased by Rs 10,08,207 crore in the last financial year, which was above Rs 8,74,561 crore in the last financial year. Non-corporate tax collections increased from Rs 9,30,364 crore to Rs 11,28,040 crore last year. A sharp increase in the securities transaction tax (STT) collection was seen, which reached Rs 49,201 crore as compared to Rs 29,808 crore in the previous year.

Direct taxes are taxes that individuals and business directly pay to the government. This includes income tax, corporate tax, securities transactions.

Other taxes including money tax saw a decline of Rs 3,461 crore to Rs 3,059 crore.

After accounting for refunds, a significant leap of 42.63 percent also increased to Rs 4,10,105 crore, the net direct tax collection was Rs 17,78,402 crore, with an increase of 14.69 percent, which was shown to be Rs 15,50,663 crore. Was compared. The same period last year.

Increase in tax collection is a positive sign for India’s fiscal health, as it strengthens the revenue base of the government and reduces dependence on borrowing. It also shows economic flexibility despite global uncertainty. The High Tax Revenue may allow the government to increase public spending on infrastructure, social welfare and other major areas, which can promote overall economic growth.

With two months left in the financial year, direct tax collection is likely to cross budget estimates.