The Indian economy’s rapid growth has led to a substantial increase in direct tax collections for the fiscal year 2024-25. As of September 17, the net direct tax collection surged by 16.12%, reaching over ₹9.95 lakh crore.
This includes a significant rise in refunds, which amounted to over ₹2.05 lakh crore, marking a 56.49% increase from the previous year. Personal Income Tax (PIT) saw a 19% growth, reaching ₹5.15 lakh crore, while corporate tax collection grew by 10.55%, amounting to over ₹4.52 lakh crore.
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The gross direct tax collection, which includes securities transaction tax (STT), reached ₹12.01 lakh crore, showing a 21.48% increase. The government has set a target of raising ₹22.12 lakh crore through direct taxes this fiscal year, which is 13% higher than the previous fiscal year. Advance tax collection also showed a notable increase of 22.61%, totaling ₹4.36 lakh crore, with PIT advance tax rising by 39.22% and corporate tax by 18.17%.
GST Collection in Bihar Sees Notable Growth
In Bihar, the GST collection has shown a remarkable increase, with the state collecting ₹15,463 crore by August 31, 2024, an 8.4% rise compared to the same period last year. This growth places Bihar among the top five states in GST collection. The state’s commercial tax department aims to collect ₹42,500 crore in GST for the current fiscal year.
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Since the introduction of GST in 2017-2018, Bihar’s total tax collection has grown significantly, reaching ₹38,198 crore in the fiscal year 2023-24, marking a 122% increase from the pre-GST era.
This surge in both direct tax and GST collections highlights the robust growth of the Indian economy and the effectiveness of tax administration and reforms. With increasing revenues, the government is better positioned to invest in development and public welfare initiatives, fostering further economic progress.
