In a significant financial update, the Ministry of Finance has revealed that the gross tax collections for the financial year 2024-25 have soared by an impressive 22.19% year-on-year. The total collections from April 1 to June 17 have reached ₹5.15 lakh crore, up from ₹4.22 lakh crore during the same period last fiscal year.

Breakdown of Collections

The gross collection of ₹5,15,986 crore includes several key components:

Corporation Tax (CIT): ₹2,26,280 crore Personal Income Tax (PIT) (including Securities Transaction Tax – STT): ₹2,88,993 crore

These figures encompass various forms of tax contributions:
Advance Tax: ₹1,48,823 crore Tax Deducted at Source (TDS): ₹3,24,787 crore Self-Assessment Tax: ₹28,471 crore Regular Assessment Tax: ₹10,920 crore Tax under other minor heads: ₹2,985 crore .

Net Direct Tax Collections 

The net direct tax collections have also shown a substantial increase. As of June 17, 2024, the net collections stand at ₹4,62,664 crore, which is a 20.99% rise from the ₹3,82,414 crore collected in the same period last year.
This includes:
Corporation Tax (CIT): ₹1,80,949 crore (net of refund)
Personal Income Tax (PIT) (including STT): ₹2,81,013 crore (net of refund)

Advance Tax Collections

Advance tax collections have seen a remarkable growth of 27.34%, totaling ₹1,48,823 crore. This is a significant increase from the ₹1,16,875 crore collected in the corresponding period of the previous financial year. The advance tax collection includes:

Corporation Tax (CIT): ₹1,14,353 crore
Personal Income Tax (PIT): ₹34,470 crore
Refunds Issued Refunds amounting to ₹53,322 crore have been issued in FY25 till June 17, reflecting a 33.70% increase compared to the same period last year.

Indirect Taxes: GST Collections

In terms of indirect taxes, the Goods and Services Tax (GST) revenue for May 2024 reached ₹1.73 lakh crore, marking a 10% year-on-year growth. This growth was primarily driven by a 15.3% increase in domestic transactions, although imports saw a decline of 4.3%. After accounting for refunds, the net GST revenue for May 2024 stands at ₹1.44 lakh crore, a 6.9% growth compared to the same period last year.

GST Breakdown

Central Goods and Services Tax (CGST): ₹32,409 crore
State Goods and Services Tax (SGST): ₹40,265 crore
Integrated Goods and Services Tax (IGST): ₹87,781 crore (including ₹39,879 crore on imported goods)
Cess: ₹12,284 crore (including ₹1,076 crore on imported goods)

Upcoming GST Council Meeting

The government has scheduled a Goods and Services Tax (GST) Council meeting on June 22 in New Delhi. The agenda for this meeting has not been disclosed yet, but experts suggest that it may cover topics such as GST slab/rate rationalisation, valuation rules, and potentially including some petroleum products under the GST umbrella.

This growth in tax collections reflects the robust economic activities and compliance within the country, positioning India towards a stronger fiscal framework. The upcoming GST Council meeting is anticipated to further refine and enhance the GST structure, ensuring continued economic stability and growth.