India's net direct tax collection at Rs 15.6 lakh crore till Feb 10, reaches 80% of revised target

Finance Minister Nirmala Sitharaman proposed higher direct and indirect taxes in the interim Budget 2024 to boost India's economy. The gross tax revenue for fiscal 2025 is estimated to be Rs 38.31 lakh crore, up 11.45% from the revised target for this fiscal year. The government aims to raise Rs 21.99 lakh crore from direct taxes and Rs 16.31 lakh crore from indirect taxes in fiscal year 2025. The revised direct tax collection aim for the current financial year is Rs. 19.45 lakh crore, while indirect tax collection is revised to Rs 14.92 lakh crore.

The collection is 96.7% of the budget estimate for FY23 and 83.2% of the upward revised estimate for the year, the Central Board of Direct Taxes (CBDT) said in a statement.

India Business News: According to official data, gross direct tax receipts in India reached Rs 11.1 lakh crore as of October 9, 2023, marking an 18% increase from the same

The Income Tax department in a statement said the collection has touched 26.05 per cent of the total budget estimates of direct taxes for full 2023-24 fiscal of Rs 18.23 lakh crore.

The direct tax collection target of Rs 18.23 lakh crore for the current fiscal is likely to be exceeded, said CBDT chairman Nitin Gupta here on Wednesday.

India Business News: NEW DELHI: Direct tax collections rose by 22.

Of the total gross tax collections, corporate tax collections stood at ₹ ₹10,04,118 crore (grossly), rising by 16.91% YoY. .Personal tax collection in FY23 on a gross basis came at ₹9,60,764 crore, garnering 24.23% YoY growth.

New Delhi, Mar 19 (PTI) The net direct tax collection grew 19.88 per cent to over Rs 18.90 lakh crore till March 17, the income tax department said on Tuesday. The net direct tax collection of Rs 18,90,259 crore(as of March 17) includes Corporation Tax (CIT) at Rs 9,14,469 crore (net of refund) and Personal […]

In the first half of the fiscal year, the fiscal deficit of the Indian government has reached 39.3% of the annual target, compared to 37.3% during the same period in the previous year, according to official data released on Tuesday. However, the fiscal deficit has been kept under control after experiencing an initial spike until July.

Budget 2024: The Indian government is expected to have more funds for farmers and social sector schemes in the upcoming interim budget, thanks to increased tax buoyancy. The focus will be on addressing issues faced by poorer sections, particularly in rural areas. Income tax and GST collections have been strong, with the total direct tax mop-up likely to exceed budget estimates by about Rs 1 lakh crore. However, there may be a shortfall in excise and customs duties collections.