BUDGET
FY25 tax mop-up pegged at 38.40 trln rupees, up 10.8% on year
This story was originally published at 15:19 IST on 23 July 2024
Register to read our real-time news.Informist, Tuesday, Jul 23, 2024
NEW DELHI – The Budget today projected the central government's gross tax collections for the current financial year ending March at 38.40 trln rupees, up 10.8% from last year. The projected gross tax collections in 2024-25 are 94 bln rupees higher than 38.31 trln rupees pegged in the Interim Budget.
The Interim Budget had projected 11.5% on-year growth in tax collections in 2024-25 from the revised estimate for 2023-24. The actual tax collections in 2023-24 grew 13.4% to 34.65 trln rupees.
In the Budget presented in Parliament today, Finance Minister Nirmala Sitharaman reduced the target for goods and services tax and corporate tax from the Interim Budget but raised the projection for income tax.
GST collections in 2024-25 are projected at 10.62 trln rupees, 58 bln rupees lower than the Interim Budget. The income tax collection target is 310 bln rupees higher than the Interim Budget at 11.87 trln rupees, while the corporate tax collection target is 228 bln rupees lower at 10.20 trln rupees. The excise duty collections are projected at 3.19 trln rupees and customs at 2.38 trln rupees.
The government's total tax collections in Apr-May were 4.60 trln rupees, up 15.7% from a year ago.
The following table details the government's tax collection targets as per the Budget proposals (in bln rupees):
Budget 2024-25 | Interim Budget 2024-25 | Actual 2023-24
| Year-on-year % change | |
| Corporate Tax | 10200.00 | 10428.30 | 9110.55 | 12.0% |
| Income Tax | 11870.00 | 11560.00 | 10447.26 | 13.6% |
| Customs | 2377.45 | 2313.10 | 2330.67 | 2.0% |
| Excise Duties | 3190.00 | 3187.80 | 3053.30 | 4.5% |
| Service Tax | 1.00 | 1.00 | 4.24 | (-)76.4% |
| GST | 10618.99 | 10676.50 | 9570.32 | 11.0% |
| CGST | 9108.90 | 9176.50 | 8206.22 | 11.0% |
| IGST | (-)50.26 | - | ||
| GST Compensation Cess | 1510.09 | 1500.00 | 1414.36 | 6.8% |
| Tax on UTs | 94.26 | 94.26 | 0.00 | - |
| Other Taxes | 50.00 | 47.00 | 131.58 | (-)62.0% |
| Total | 38401.70 | 38307.96 | 34647.92 | 10.8% |
End
Reported by Priyasmita Dutta and Kabir Sharma
Edited by Saji George Titus
For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.
Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.
Informist Media Tel +91 (11) 4220-1000
Send comments to feedback@informistmedia.com
© Informist Media Pvt. Ltd. 2024. All rights reserved.
To read more please subscribe
Share this Story:
