Gross direct tax collections grow 22.19% in FY25
Gross tax collections recorded a growth of 22.19% year-on-year to ₹5.15 lakh crore from April 1 to June 17 in the financial year 2024-25.
Gross tax collections recorded a growth of 22.19% year-on-year to ₹5.15 lakh crore from April 1 to June 17 in the financial year 2024-25.
The net direct tax collections include corporation tax at ₹4,16,217 crore (net of refund) and personal income tax including securities transaction tax at ₹4,47,291 crore (net of refund).
Centre's debt moved up from 49.9% of GDP in FY14 to 55.2% by Sept 2022. Core debt of govt sector in G-20 nations grew from 76.1% to 89.2% while from 39.2% to 61.8% in EMEs
International credit cards are being issued with limits in excess of the current LRS limit of $2,50,000, says Ministry of Finance
The percentage of net corporate tax to GDP, at current prices, was 3.01% in FY22, shows FinMin data.
From tax collections to credit outflow, capex, sectoral growth, inflation, interest rates, rupee devaluation and external factors, there are challenges to sustaining growth.
Revenue secretary Tarun Bajaj says gross tax collections soared to a record high of ₹27.07 lakh crore in FY22.
The net direct tax collection as on March 16 stands at ₹13,63,038 crore, up 48.4% from ₹9,18,430.5 crore in the corresponding period of the previous financial year.
Expected growth in corporate tax collections during FY22 indicates a strong economic revival in spite of Covid-19.
Advance tax collection in April-December FY22 is up 49.76% over the corresponding period in FY 2018-19 when the advance tax collection was ₹3,07,096.3 crore.