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India s direct tax collections surge 17 7% in FY 2023-24, exceeding budget estimates

India s direct tax revenue for fiscal year 2023-24 showcased impressive growth, reaching ₹19.58 lakh crore, a 17.7% increase from the previous year and surpassing both original and revised budget estimates, signaling a robust economic performance.

Direct tax-GDP ratio rose to 15-year high in FY23, tax buoyancy dipped

As per CBDT, a taxpayer is a person who either has filed a return of income for the relevant assessment year (AY) or in whose case tax has been deducted at source in the relevant financial year but the taxpayer has not filed the return of income.

budget 2024: Budget 2024: Modest tax revenue target likely for FY25

The net revenue target for the next financial year will be modest, likely to be between 9-11%. One of the reasons for this modest target is the already high base, ET was informed by a senior government official. It may be noted here that in the past two years, tax collections have been more than the revised target.

India s fiscal deficit for April-October at Rs 8 04 lakh crore, narrows to 45% of FY24 aim

India s fiscal deficit for April to October, or the first seven months of this fiscal year, was at 8.037 lakh crore rupees, equivalent to 45% of annual estimates, marginally narrowing from the previous year s 45.6%. The government aims to narrow the fiscal gap to 5.9% of GDP in this financial year from 6.4% a year earlier.

India s net direct tax collection rises 22% to Rs 10 60 lakh crore so far in FY24, crosses 58% of budget target

Net direct tax collection for the fiscal year surged by 22%, reaching Rs 10.60 lakh crore, surpassing 58% of the full-year Budget target, as reported by the Income Tax department. The net corporate tax collection grew by 12.48%, while personal income tax mop-up rose by 31.77%. Refunds totaling Rs 1.77 lakh crore were issued from April 1 to November 9, 2023.

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