Data Alert
Tax mop-up rises 21.3% on year in Apr-Jul, up 14% in Jul
This story was originally published at 20:22 IST on 30 August 2024
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--Govt Apr-Jul tax revenue 10.842 trln rupees vs 8.942 trln yr ago
--Govt Jul tax revenue 2.534 trln rupees vs 2.223 trln yr ago
NEW DELHI – The central government's tax collections in the first four months of the current fiscal grew 21.3% on year to 10.842 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 July, tax collections were 14% higher on year at 2.534 trln rupees.
Income tax mop-up in Apr-Jul rose sharply by 53.4% on year to 3.945 trln rupees. Collections in July were marginally up by 0.1% compared with collections in June at 1.072 trln rupees. Income tax collections in July were 63.8% higher on year.
Corporate tax collections rose only 4.8% on year to 1.846 trln rupees in Apr-Jul, and that for July were sharply lower by 74% at 98 bln rupees than the tax collected in the corresponding period last year.
Corporate tax collection in July were more than 92% lower than the 1.295 trln rupees collected in June. The huge fall was because of the first tranche of advance tax payment in June. Advance tax is paid in four instalments--on the 15th of June, September, December and March.
On the indirect tax side, central goods and services tax collections saw growth of 9.9% on year in Apr-Jul at 3.006 trln rupees. In July, the collections grew 7.5% on a yearly basis to 723 bln rupees.
Customs duty collections in the first four months of the year grew by 3.8% on year to 675 bln rupees, and excise duty collections grew only 0.8% on year in Apr-Jul to 768 bln rupees.
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 for Apr-Jul and July as follows (in bln rupees):
| Apr-Jul 2024 | Apr-Jul 2023 | Year-on-year % change | |
| Corporation Tax | 1,845.74 | 1,761.31 | 4.8 |
| Income Tax | 3,944.88 | 2,571.62 | 53.4 |
| Central GST | 3,006.16 | 2,736.13 | 9.9 |
| Union territory GST | 9.34 | 11.64 | (-)19.8 |
| Integrated GST | (-)106.59 | (-)91.44 | -- |
| GST compensation cess | 505.47 | 463.16 | 9.1 |
| Customs | 675.22 | 650.29 | 3.8 |
| Excise duty | 768.12 | 762 | 0.8 |
| Service Tax | 0.13 | 3.77 | (-)96.6 |
| Other taxes | 193.82 | 73.02 | 165.4 |
| Total | 10,842.29 | 8,941.5 | 21.3 |
| Jul-24 | Jun-24 | Jul-23 | Year-on-year % change | |
| Corporation Tax | 98 | 1,294.61 | 376.28 | (-)74.0 |
| Income Tax | 1,071.52 | 1,070.45 | 654.27 | 63.8 |
| Central GST | 722.88 | 694.87 | 672.34 | 7.5 |
| Union territory GST | 0.57 | 2.79 | 2.5 | (-)77.2 |
| Integrated GST | (-)4.83 | 7.07 | (-)23.96 | -- |
| GST compensation cess | 127.79 | 129.4 | 113.92 | 12.2 |
| Customs | 204.57 | 189.75 | 158.28 | 29.2 |
| Excise duty | 254.55 | 270.4 | 243.87 | 4.4 |
| Service Tax | 0.51 | 0.49 | 0.51 | 0.0 |
| Other taxes | 58.76 | 51.85 | 24.66 | 138.3 |
| Total | 2,534.32 | 3,711.68 | 2,222.67 | 14.0 |
End
Reported by Priyasmita Dutta
Edited by Ashish Shirke
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