Key Points
The central governments tax collection target of over 34.37 lakh crore for fiscal year 2023-24 (FY24) has been broadly met on the back of robust economic activity and improved compliance, according to a report by PTI. ..
In the revised estimates (RE) presented in Parliament on February 1, 2024, the government had raised the target for direct tax collection in FY24 (April 2023 to March 2024) to 19.45 lakh crore, while for indirect taxes (GST Customs Excise) the target was lowered to 14.84 lakh crore..
The Central Board of Direct Taxes (CBDT) had said that the net direct tax collection of 18,90,259 crore (as of March 17) includes corporation tax (CIT) at 9,14,469 crore (net of refund) and personal income tax (PIT), including securities transaction tax (STT) at 9,72,224 crore (net of refund)..
Advance tax collections for financial year 2023-24 (as of March 17) stood at 9.11 lakh crore, a 22.31 per cent growth over the last fiscal..
The provisional figures of Direct Tax collections for the Financial Year 2023-24 (as of March 17, 2024) show that net collections are at 18,90,259 crore, compared to 15,76,776 crore in the corresponding period of the preceding Financial Year (FY 2022-23), representing an increase of 19.88 per cent," the CBDT had said in a statement..
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