Direct tax collections poised to surpass budget target for 2024-25

The Income Tax Department expects to surpass the nonstop taxation postulation people of Rs 22.07 lakh crore fixed successful the Union Budget for the existent fiscal year, according to Central Board of Direct Taxes (CBDT) president Ravi Agarwal.

Agarwal told journalists collections from firm and non-corporate taxes person risen and the Income Tax Department believes that it volition transverse the fund people for the 2nd twelvemonth successful a row. This reflects the beardown fiscal presumption of the state driven by robust economical growth.

India's nett nonstop taxation collections, comprising firm taxation and idiosyncratic income tax, changeable up by a robust 15.4 per cent to Rs 12.1 lakh crore, from April 1 to November 10 during the existent fiscal year, according to the latest figures released by the CBDT.

On a gross basis, nonstop taxes surged by implicit 21 per cent to Rs 15 lakh crore connected a gross ground during the period. The authorities issued taxation refunds of Rs 2.9 lakh crore which is simply a 53 per cent summation implicit the aforesaid play past year.

The government's people to cod Rs 22.07 lakh crore during the existent fiscal twelvemonth comprises Rs 10.20 lakh crore from firm taxation and Rs 11.87 lakh from idiosyncratic income tax, non-corporate taxation and different taxes.

The nett nonstop taxation collections for the fiscal twelvemonth 2023-24 had besides clocked a double-digit maturation to transcend the Union Budget Estimates (BE) by Rs 1.35 lakh crore oregon 7.4 per cent reflecting the beardown fiscal presumption of the state driven by robust economical growth.

The nett nonstop taxation collections, comprising firm taxation and idiosyncratic income taxation changeable up to Rs 19.58 lakh crore successful 2023-24, compared to Rs 16.64 lakh crore successful the preceding fiscal year, representing a double-digit summation of 17.7 per cent.

The people for nonstop collections was fixed astatine Rs 18.23 lakh crore successful the Union Budget for 2023-24 and aboriginal accrued to Rs 19.45 lakh crore successful the Revised Estimates (RE). The provisional Direct Tax collections (net of the refunds) person exceeded the BE by 7.40 per cent and RE by 0.67 per cent, CBDT said.