India's net direct tax kitty at Rs 15.6 lk cr

India’s net direct tax kitty at Rs 15.6 lk cr

India’s net direct tax collection stood at Rs 15.60 lakh crore as of February 10, reaching approximately 80 per cent of the revised target set for the entire financial year, the official government data showed on Sunday.

On February 1, 2024, Union Finance Minister Nirmala Sitharaman revised direct tax collection aim to Rs. 19.45 lakh crore for the current financial year, higher than Rs 16.61 lakh crore collected in fiscal 2023 and Rs 14.08 lakh crore in fiscal 2022.

In January, India’s net direct tax collection had witnessed a 19 per cent increase on an annual basis to Rs 14.70 lakh crore.

Sitharaman proposed in the interim Budget 2024 to collect higher direct and indirect taxes for the next fiscal year starting April 1, reflecting an income and consumption boost in an economy aiming to become the world’s third largest.

India’s gross tax revenue for fiscal 2025 is estimated to be Rs 38.31 lakh crore, up 11.45% from revised target for this fiscal year of Rs 34.37 lakh crore.

New Delhi aims to raise Rs 21.99 lakh crore from direct taxes and Rs 16.31 lakh crores from indirect taxes in fiscal year 2025.

The government revised the indirect tax collection for this fiscal year to Rs 14.92 lakh crore. In FY23 and FY22, indirect tax collections stood at Rs 13.94 lakh crore and Rs 12.94 lakh crore, respectively.

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