India's Direct Tax Collections Surge 15.6% to ₹27 Lakh Crore in FY 2024-25

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India's direct tax collections have showcased remarkable resilience and strength, growing by 15.59% in the financial year 2024-25 , according to data released by the Central Board of Direct Taxes (CBDT) . The gross direct tax mop-up rose to ₹27.02 lakh crore , up from ₹23.38 lakh crore recorded in FY 2023-24. Key Highlights of the Tax Collections Corporate Tax collections grew from ₹11.31 lakh crore to ₹12.72 lakh crore . Non-Corporate Tax collections surged from ₹11.68 lakh crore to ₹13.73 lakh crore . Securities Transaction Tax (STT) receipts witnessed an impressive jump from ₹34,192 crore to ₹53,296 crore . Wealth tax and other minor direct taxes saw a dip from ₹4,068 crore to ₹3,366 crore . After adjusting for refunds (which increased by 26.04% to ₹4.76 lakh crore ), the net direct tax collections stood at ₹22.26 lakh crore , reflecting a healthy 13.57% growth compared to last year’s ₹19.60 lakh crore. This strong performance indicates a buoyan...
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Parliamentary Panel Seeks Suggestions from Experts on Income-Tax Bill 2025


Income Tax Bill 2025: Select Committee Invites Stakeholder Inputs

In a move towards inclusive policymaking, the Lok Sabha Select Committee, chaired by BJP MP Baijayant Panda, has invited suggestions and memoranda from experts, industry bodies, organisations, and stakeholders on the Income-Tax Bill, 2025. The committee is currently reviewing the proposed legislation, which aims to replace the existing Income-Tax Act of 1961.

As per the official release, submissions must be made within two weeks and should be presented in English or Hindi. Contributors are requested to send two hard copies to the Director (CF&S CITB) at the Lok Sabha Secretariat, Room No. 133A.

A Visionary Shift: From 1961 to 2025

The Income-Tax Bill, 2025, tabled in Parliament on February 13, 2025, by Union Finance Minister Nirmala Sitharaman, represents a comprehensive overhaul of India's decades-old tax regime. It seeks to make the law more concise, lucid, and litigation-free, aligning with the government's larger economic vision for a Viksit Bharat (Developed India) by 2047.

This bill introduces structural and regulatory changes for individual taxpayers, corporates, startups, and non-profit organisations, with a strong focus on:

  • Reducing ambiguity in tax language

  • Minimising compliance burdens

  • Curtailing tax litigation

  • Streamlining the appeals and assessments process

Government's Call for Inclusive Feedback

Earlier, on March 18, the Finance Ministry encouraged citizens and institutions to share their feedback. The Select Committee’s recent outreach strengthens this approach, positioning the Income-Tax Bill as a citizen-participatory reform.

Speaking in Parliament on March 25, Finance Minister Sitharaman reiterated that the Bill will be taken up during the Monsoon Session of Parliament. She also highlighted that the new legislation is not a part of the Finance Bill, 2025, but a standalone law aimed at providing tax certainty and boosting ease of doing business.

Key Announcements from Finance Bill 2025

In her speech on the Finance Bill, the Finance Minister made several notable declarations:

  • Customs tariff slabs on industrial goods will be reduced from 21 to 8, promoting simplification and reducing business costs.

  • Under direct tax provisions, either a cess or surcharge—but not both—can be levied on an item, bringing clarity to tax computations.

  • The Finance Bill 2025 offers unprecedented tax relief to honour honest taxpayers and provides a more stable regulatory environment.

Conclusion: A Landmark Step Towards Tax Simplification

The Income-Tax Bill 2025 has the potential to be a watershed moment in India’s tax legislation. With direct stakeholder engagement, streamlined policies, and a focus on economic clarity, the government appears committed to modernising tax law in line with global best practices.

As the parliamentary review progresses, it remains crucial for tax professionals, industry experts, and legal scholars to participate in shaping a transparent, taxpayer-friendly, and future-ready tax system.


Location: Pune, Maharashtra, India

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