Data Alert
Tax mop-up rises 23.7% on year in Apr-Jun, up 35% in Jun
This story was originally published at 18:09 IST on 31 July 2024
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NEW DELHI – The central government's tax collections in the first three months of the current fiscal grew 23.7% on year to 8.308 trln rupees, driven by robust direct tax collections, especially a sharp rise in income tax collections, data released today by the Controller General of Accounts showed. For June, tax collections were 35% higher on year at 3.712 trln rupees.
Income tax mop-up in Apr-Jun rose almost 50% on year to 2.873 trln rupees. Collections in June were up by 31.6% compared with collections in May at 1.070 trln rupees. Income tax collections in June were 66.1% higher on year.
Corporate tax collections rose a steady 26.2% on year to 1.748 trln rupees in Apr-Jun, and corporate tax collections of 1.295 bln rupees in June were 58% higher than the tax collected in the corresponding period last year.
To specially mention, corporate tax collection in June was a whopping over 14-fold higher than the 91.24 bln rupees collected in May. The huge surge was because of the first tranche of advance tax payment. Advance tax is paid in four instalments--on the 15th of June, September, December and March. It is also because of the statistical impact of a low base. Corporate tax collections were down 49.2% in May.
On the indirect tax side, central goods and services tax collections saw steady growth of 10.6% on year in Apr-Jun at 2.283 trln rupees. For June, it grew 7.2% on a yearly basis to 695 bln rupees.
Customs duty collections in the first three months of the year contracted by 4.3% on year to 471 bln rupees, and excise duty collections contracted nearly 1% on year in Apr-Jun to 514 bln rupees.
For 2024-25, the Union Budget has revised the projection for this year's total tax collections to 38.40 trln rupees, up 10.8% from 34.65 trln rupees in the previous year.
The Controller General of Accounts detailed the central government's tax collections in June as follows (in bln rupees):
| Apr-Jun 2024 | Apr-Jun 2023 | Year-on-year % change | |
| Corporation Tax | 1,747.74 | 1,385.03 | 26.2 |
| Income Tax | 2,873.36 | 1,917.35 | 49.9 |
| Central GST | 2,283.28 | 2,063.79 | 10.6 |
| Union territory GST | 8.77 | 9.14 | (-)4.0 |
| Integrated GST | (-)101.76 | (-)67.48 | -- |
| GST compensation cess | 377.68 | 349.24 | 8.1 |
| Customs | 470.65 | 492.01 | (-)4.3 |
| Excise duty | 513.57 | 518.13 | (-)0.9 |
| Service Tax | (-)0.38 | 3.26 | -- |
| Other taxes | 135.06 | 48.36 | 179.3 |
| Total | 8,307.97 | 6,718.83 | 23.7 |
| Jun-24 | May-24 | Jun-23 | Year-on-year % change | |
| Corporation Tax | 1,294.61 | 91.24 | 819.72 | 57.9 |
| Income Tax | 1,070.45 | 813.4 | 644.37 | 66.1 |
| Central GST | 694.87 | 676.53 | 648.1 | 7.2 |
| Union territory GST | 2.79 | 3.06 | 3.43 | (-)18.7 |
| Integrated GST | 7.07 | (-)82.38 | 16.05 | -- |
| GST compensation cess | 129.4 | 117.86 | 118.22 | 9.5 |
| Customs | 189.75 | 141.34 | 221.49 | (-)14.3 |
| Excise duty | 270.4 | 242.47 | 260.09 | 4.0 |
| Service Tax | 0.49 | 0.1 | 0.82 | (-)40.2 |
| Other taxes | 51.85 | 42.61 | 17 | 205.0 |
| Total | 3,711.68 | 2,046.23 | 2,749.29 | 35.0 |
End
Reported by Priyasmita Dutta
Edited by Vidhi Verma
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