Context: India’s net direct tax collections for the fiscal year 2024-25 have shown robust growth, with a significant rise in non-corporate tax receipts.
Relevance: GS 3 (Economy)
- Growth in Net Direct Tax Collections: Increased by 16.5% to ₹15.82 lakh crore as of December 17, 2024.
- Corporate vs. Non-Corporate Taxes:
- Corporate Tax: Grew by 8.6% to ₹7.43 lakh crore.
- Non-Corporate Tax: Surpassed corporate taxes, rising by 22.5% to ₹7.97 lakh crore.
- Gross Tax Receipts: Grew by 20.3% to ₹19.21 lakh crore.
- Securities Transaction Tax (STT): Recorded a significant surge, increasing by 85.5% to over ₹40,100 crore.
- Refunds Issued: Increased by 42.5%, reaching nearly ₹3.39 lakh crore.
- Advance Tax Collections: Grew by 20.9% to over ₹7.56 lakh crore.
- Historical Context: In the fiscal year 2023-24, net direct tax revenues had risen by 17.7% to ₹19.58 lakh crore.
- Other Taxes: Including Equalization Levy, Fringe Benefit Tax, Wealth Tax, etc., saw a modest growth of 5.9%.
