Tax Collection: According to the government data released on March 17 today, so far in this financial year the net direct tax collection has increased by 13.1 percent to about Rs 21.27 lakh crore. According to data from the Central Board of Direct Taxes (CBDT), the pure corporate collection between 1 April 2024 to 16 March 2025 stood at Rs 9.69 lakh crore, compared to Rs 9.05 lakh crore in the same period a year ago. The net amount collected from non-corporate taxes was Rs 11.01 lakh crore. This mainly includes individual income tax.
In this financial year, the net collection from securities transactions (STT) has been Rs 53,095 crore so far. Whereas in the same period last year it was Rs 34,131 crore. A refund of more than Rs 4.6 lakh crore was released during this period, which is 32.51 percent more than the same period last year. GDP increased by 16.2 percent to Rs 25.87 lakh crore between 1 April and 12 January.
The government has set a target to collect Rs 22.07 lakh crore from direct taxes in the current financial year. This includes corporate tax collection of Rs 10.2 lakh crore, personal income tax of Rs 11.87 lakh crore and other tax collections.
Strengthening collection is expected to help the Central Government to meet the target of this year’s fiscal deficit, which is 4.9 percent of the GDP. This will help the government to maintain the pace of fiscal consolidation. The Center has targeted to keep the fiscal deficit within 4.5 percent of the GDP in FY 2026.
In December, CBDT launched an electronic campaign, encouraging taxpayers to fix discrepancies between transactions stated by the tax to the department and their transactions shown in their income tax returns. The campaign also targeted those who had taxable income or who had done high-value transactions, but did not file tax returns. The extensive use of technology, data collection and tax collection or deduction at source are helping the tax department increase tax collection.
