Direct taxes grow faster than budget estimate so far in FY25

Kitty swells 16.45% against full-year budget target of 13% to ₹15.8 tn so far this fiscal

- Gireesh Chandra Prasad & Nikita Prasad

The Centre's direct tax collection from corporations and individuals after adjusting for tax refunds has reached ₹15.8 trillion so far this year, jumping 16.45% over the previous year and outpacing the budget estimate.

While non-corporate tax collection from individuals and other entities like partnerships and local authorities, adjusting for refunds, recorded a 22% jump so far in FY25 to ₹17.97 trillion, the same from corporations improved 8.6% to ₹7.42 trillion, the income tax department said on Wednesday citing revenue figures up to 17 December.

Before adjusting for refunds, corporate tax collections rose 17% annually.