The central government’s 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.
The central government's 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.
"Overall targets for tax revenue have been met," PTI quoted an official.
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.
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The net direct tax collection grew 19.88 per cent to over ₹18.90 lakh crore till March 17 on higher advance tax mop-up.
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 advance tax collection of ₹9,11,534 crore comprises CIT at ₹6.73 lakh crore and PIT at ₹2.39 lakh crore.
Refunds of about ₹3.37 lakh crore have also been issued in the current fiscal till March 17.
On a gross basis, before adjusting refunds, the direct tax collection stood at ₹22.27 lakh crore, an 18.74 per cent growth over the year-ago period.
"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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GST (goods and services tax) remained a high point during the last fiscal with collections reaching a record high of ₹1.87 lakh crore in April 2023.
In March, the gross GST collection rose 11.5 per cent year-on-year to ₹1.78 lakh crore.
As per the revised estimate, the gross tax collection target stood at ₹34.37 lakh crore for the fiscal year 2024.
(With inputs from agencies)