The government’s gross tax revenue is projected to grow 11.46% to Rs 38.31 lakh crore in the next fiscal, buoyed by 11.6% growth in GST collections.
Goods and Services Tax (GST) collection in 2024-25 is estimated to rise to Rs 10.68 lakh crore, an increase of Rs 1.1 lakh crore or 11.6%.
Of the total tax collections, Rs 21.99 lakh crore is estimated to come from direct taxes (personal income tax + corporate tax), and Rs 16.22 lakh crore from indirect taxes (customs + excise duty + GST).
In the current fiscal year, the government estimates gross tax revenue to exceed the budget estimated by about Rs 76,000 crore.
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The budgeted tax revenue for the current fiscal year was Rs 33.61 lakh crore, while the revised estimate pegs it at Rs 34.37 lakh crore, as per the Interim Budget 2024-25.
Even though the corporate tax collections remained as per the FY24 budget estimates, the personal income tax collection is expected to overshoot budget estimates by over Rs 1.20 lakh crore in the current financial year.
While the revised estimate for customs and excise duty collections has been lowered to Rs 2.19 lakh crore and Rs 3.08 lakh crore respectively, GST collections are estimated at the budgeted level of Rs 9.57 lakh crore in the current fiscal year ending March 31, 2024.
Edited by Kanishk Singh
