Direct tax mop up for 2024-25 fiscal misses target owing to higher refunds

OVER RS 22.26 LAKH CRORE NET COLLECTED

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The net direct tax collection for the 2024-25 financial year narrowly missed the target of Rs 22.37 lakh crore, even as it grew 13.57 per cent to over Rs 22.26 lakh crore, due to issuance of the highest-ever amount of refunds, official data said on Friday.

The government set a target of Rs 22,07,000 crore for the direct tax administration as per the budget receipt of July 2024. It was revised to Rs 22,37,000 crore during the budget presented in February this year.

Direct taxes include revenue collected by the Union government under the corporate taxes, securities transaction tax (STT) and non-corporate taxes category (earlier personal income tax). The non-corporate taxes category includes taxes paid by individuals, firms, Hindu Undivided Families (HUFs), local authorities and artificial juridical persons etc.