India’s net direct tax collection has grown in the financial year 2024-25, reaching ₹17.78 lakh crore as of February 10, 2025. This marks a 14.69% increase compared to the previous year, showing strong tax revenue growth.
Personal income tax has played a major role in this rise, collecting ₹9.48 lakh crore, which is a 21% increase from last year. Corporate tax revenue, on the other hand, has grown by 6%, contributing ₹7.78 lakh crore.
The biggest jump was seen in Securities Transaction Tax (STT), which surged by 65% YoY, reaching ₹49,201 crore. This highlights the increasing activity in stock market transactions.
The government has also issued tax refunds worth ₹4.10 lakh crore, a sharp rise of 42.63% compared to last year. This ensures faster processing of refunds for taxpayers.
Overall, the gross direct tax revenue has touched ₹21.88 lakh crore, reflecting a 19.06% growth. With tax collections performing well, the government has revised its estimates. The income tax target has been increased to ₹12.57 lakh crore, while the STT target has been raised to ₹55,000 crore. However, the corporate tax target has been slightly reduced to ₹9.80 lakh crore.
With these strong numbers, India’s tax revenue collection continues to show resilience, driven by a growing economy and improved tax compliance.