As of December 17, gross direct tax revenue for 2024–25 had increased by 20.32% year

Current Context: As of December 17, 2024, the gross direct tax revenue for the fiscal year 2024-25 reached ₹19.21 lakh crore, marking a 20.32% increase compared to the previous year.

• This growth reflects a significant improvement in tax collection efficiency and economic activity.
• The increase in revenue is attributed to enhanced compliance measures, a broader tax base, and overall economic growth.
• Additionally, net direct tax collections also saw a rise of 16.45%, amounting to ₹15.82 lakh crore, while tax refunds increased by 42.49% to ₹3.38 lakh crore.

Question:

1. As of December 17, 2024, what was the gross direct tax revenue for the fiscal year 2024-25?

• A) ₹19.21 lakh crore
• B) ₹15.82 lakh crore
• C) ₹18.50 lakh crore
• D) ₹20.32 lakh crore

Answer: A) The gross direct tax revenue for the fiscal year 2024-25 reached ₹19.21 lakh crore, reflecting a significant 20.32% increase compared to the previous year.