Key Points
The indirect tax revenue target for FY24 is set at Rs 15.37 trillion, against the actual receipts of Rs 13.91 trillion in FY23...
Thanks to robust Goods and Service Tax (GST) collections and improvement in customs duty collections, the Centres indirect tax receipts, before devolution to states, have increased by around 19% on-year in April-May as against the required rate of 10.6% to achieve the FY24 target...
In April-May of FY24, the indirect tax receipts are estimated to be around Rs 2.46 trillion or 16% of the annual target compared with 14.8% of the relevant target achieved in the year-ago period..
The indirect tax receipts in April-May are in line with the budget estimate for FY24, a senior official told FE, adding that the annual target would be met comfortably...
As against the requirement of Rs 1.5 trillion monthly gross GST collections (inclusive of state GST and compensation cess), officials expect the monthly collections to range between Rs 1.55-1.6 trillion during the current financial year..
You might be interested in
Strong tax kitty likely to give spending cushion to Centre
12, Aug, 23India Business News: NEW DELHI: The Centre is banking on the buoyancy in tax collections seen during the initial part of the year to help it scale the budget target - as w.
GST upsurge: This tax needs to be tweaked
02, Apr, 24For 2023-24, India’s GST revenue crossed ₹20 trillion. If its weak mop-ups are firmly in the past, at long last, we must go for slab and rate reforms.
Centre's fiscal deficit crosses a third of full year target in July
31, Aug, 23The central government collected ₹5.8 trillion in tax revenue up to July, accounting for a quarter of the ₹23.3 trillion full year target
Direct tax receipts up 11% till mid-June
18, Jun, 23The central government expects to collect ₹18.2 trillion this financial year, which is 10.5% more than what was collected in FY23, as per revised estimates.
Money matters: Himachal’s GST collection sees 13% rise in 2 months
01, Jun, 23The department has collected ₹1,004 cr till May 31, in comparison to ₹890 cr collected in this period last year
Sitharaman asks CBIC to introduce automated GST scrutiny system by next week
29, Apr, 23The total Indirect Tax collections for the 2022-23 fiscal stood at Rs 13.82 lakh crore, up from Rs 12.89 lakh crore in 2021-22.
Centre to extend cash control exemption for capex to Q2
07, Jun, 23In April 2023, the Centre’s fiscal deficit was 78% higher on year at Rs 1.3 trillion or 7.5% of the FY24 BE, from Rs 0.7 trillion in the first month of FY23.
GST led to revenue growth, formalisation of economy: EAC-PM
13, Oct, 23The Goods and Services Tax (GST) regime in India has shown positive outcomes, including revenue growth, formalization of the economy, reduced tax rates, and a more unified market, according to Bibek Debroy, chairman of the Economic Advisory Council to the Prime Minister. GST revenue collections have increased significantly since its launch in 2017, and a proposal has been made to create a GST Rate Index to track tax rate movements.
GST revenue surges to ₹1.78 Lakh crore in March, second-highest collection ever
01, Apr, 24The net revenue of GST after tax refunds for March 2024 is Rs 1.65 lakh crore, which is a 18.4% growth rate when compared to the same month last year.
At Rs 1.61 trillion, March GST collections up 22% on year
02, Apr, 23Gross goods and services tax (GST) collections, including the proceeds of the compensation cess, came in at Rs 1.61 trillion in March (February transactions), the second-highest monthly mop-up ever, taking the government’s total receipts from the indirect tax to Rs 18.1 trillion for the fiscal year 2022-23.