According to figures issued on Monday by the Central Board of Direct Taxes (CBDT), the Indian government's gross direct tax receipts for the fiscal year 2024–25 have significantly increased, jumping by 24% year over year to Rs.8.13 lakh crore. In contrast to the Rs. 6.55 lakh crore collected over the same time in the previous fiscal year, there has been a significant increase.
This upward trend was also evident in net direct tax receipts, which increased by 22.5% to Rs. 6.92 lakh crore from Rs. 5.65 lakh crore the year before. In addition, tax refunds increased by 33.5% to Rs. 1.2 lakh crore from Rs. 90,028 crore in the same period the previous year.
A number of direct taxes, including the corporation tax, personal income tax, securities transaction tax, equalization levy, wealth tax, banking cash transaction tax, hotel receipt tax, interest tax, expenditure tax, estate duty, and gift tax, are among the direct taxes that go toward these collections.
In related news, this year's spike in Income Tax Return (ITR) files has broken previous records. Over 7.28 crore ITRs were filed before the deadline on July 31, 2024, which was the last day to file returns for the assessment year 2024–2025. The Ministry of Finance released a statement indicating that this represents a 7.5% increase over the 6.77 crore returns submitted for the assessment year 2023–2024.
The New Tax Regime's greater acceptance this year has been a noteworthy trend, with 5.27 crore taxpayers—roughly 72% of all filers—choosing to use it. By comparison, a mere 28% of taxpayers opted to stick with the Old Tax Regime.
Over 69.92 lakh ITRs were filed in a single day on July 31, 2024, the last day for salaried taxpayers and other non-tax audit cases to file their returns. This marked the height of the filing activity. In addition, 58.57 lakh individuals filed their first ITRs, demonstrating the growing tax base.
Within 30 days after filing, taxpayers are asked by the Ministry of Finance to confirm their unconfirmed ITRs. It is advised that those who were unable to file by the deadline finish their entries as soon as possible.
