In a positive turn of events for the Indian economy, the Indian government is poised to exceed its gross tax collection target for the current financial year, with figures from direct tax and GST collections pointing towards a potential surplus.
The latest trends suggest that the government could comfortably surpass the targeted Rs 33 lakh crore, reaching upwards of Rs 34.5 lakh crore in gross taxes for the fiscal year.
According to reports, the driving force behind this fiscal success has been the remarkable performance in both direct taxes and goods and services tax (GST) collections. As per the provisional data, net direct tax collections have witnessed a substantial year-on-year surge of 20.66 per cent, marking an impressive achievement till 17 December 2023, in the ongoing financial year.
Net collections, accounting for refunds, stood at Rs 13.7 lakh crore in FY24, showcasing a considerable increase from the Rs 11.35 lakh crore recorded during the same period in the previous fiscal year.
Breaking down the direct tax collections, corporation taxes contributed Rs 6,94,798 crore (net of refund), while personal income tax, including securities transaction tax (STT), amounted to Rs 6,72,962 crore (net of refund).
Read more at: BW Businessworld
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