The Indian government’s gross direct tax collections for the fiscal year 2024-25 increased by 24% year-on-year, reaching Rs.8.13 lakh crore, compared to Rs.6.55 lakh crore in the previous year, as reported by the Central Board of Direct Taxes (CBDT). Net direct tax collections also rose by 22.5% to Rs.6.92 lakh crore, while tax refunds surged by 33.5% to Rs.1.2 lakh crore.
Key contributors to these collections include corporate tax, personal income tax, and various other taxes like securities transaction tax and equalization levy. Additionally, there was a significant increase in Income Tax Return (ITR) filings, with over 7.28 crore returns filed for the assessment year 2024-25, marking a 7.5% rise from the previous year. Notably, 72% of taxpayers opted for the New Tax Regime. The Ministry of Finance has urged taxpayers to verify their ITRs within 30 days of filing and encouraged those who missed the deadline to submit their returns promptly.
Q.: What was the percentage increase ( year-on-year) in the Indian government’s gross direct tax collections for the fiscal year 2024-25?
A) 20%
B) 22%
C) 24%
D) 26%
Ans : C) 24%
Indian government’s gross direct tax collections for the fiscal year 2024-25 increased by 24% year-on-year, reaching Rs.8.13 lakh crore, compared to Rs.6.55 lakh crore in the previous year.
