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Direct tax collections up 18% in FY24, top revised budget estimate

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. ....

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Indian government meets revised tax collection targets for fiscal 2024: Official

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%. ....

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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. ....

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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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GST collections for October up 13% to 1.72 lakh crore, second highest till date

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. ....

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