India’s net direct tax collection surged by 22.5 per cent to ₹ 6.93 lakh crore during the current financial year so far (April 1 to August 11) which is expected to keep the country firmly on the path of fiscal consolidation.
The Central Board of Direct Taxes on Friday released the data on Direct Tax (DT) collections till July 11, 2024, for FY 2024-25. The net direct tax collections have increased by 24.07% to Rs 5.74 lakh crore. In FY23, the net collections stood at Rs 4.80 lakh crore.
The provisional figures of Direct Tax collections for the Financial Year (FY) 2023-24 show that Net collections are at Rs. 19.58 lakh crore, compared to Rs. 16.64 lakh crore in the preceding Financial Year i.e. FY 2022-23, representing an increase of 17.70%.
The indirect tax collection for FY24 has exceeded the revised estimates (RE) of Rs 14.84 lakh crore by “a handsome margin”, helped by a record GST mop-up, a top government official said. Lauding the efforts of tax officials, CBIC chairman Sanjay Kumar Agarwal, in a letter to field officials, said, “I am happy to inform that the indirect tax collections for the Financial Year 2023-24, including Customs and Union Excise Duty have exceeded the Revised Estimates by a handsome margin”.
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