At gross level, which is before adjusting for refunds, direct taxes collections for FY 2023-24 stood at Rs 23.37 lakh crore, a growth of 18.48 per cent over the gross collection of Rs 19.72 lakh crore in previous financial year.
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 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.
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.
In October, India s Goods and Services Tax (GST) collections rose 13% to Rs 1.72 lakh crore, the second-highest monthly collection this fiscal year. The strong performance was attributed to festive demand and a steady economic growth trajectory. This achievement marked the eighth consecutive month with collections surpassing Rs 1.5 lakh crore.