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.”
The Indian government has met the tax collection target for 2023-24 of over Rs 34.37 lakh crore, driven by strong economic activity and improved compliance. Direct tax target was set at Rs 19.45 lakh crore, while GST collections hit record highs. India s robust growth projected at 7.6%-8%.
India s income tax department has recovered ₹36,000 crore from outstanding tax demand in the current fiscal, including ₹27,000 crore from corporate tax and ₹9,000 crore from personal income tax. The department expects the recovery to increase further by the end of the fiscal year to at least ₹50,000 crore.