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Informist, Monday, Sept. 30, 2024

 

--Govt Aug tax revenue INR 2.485 tln vs INR 2.950 tln year ago 

--Govt Apr-Aug tax revenue INR 13.327 tln vs INR 11.892 tln year ago 

 

NEW DELHI – The central government's tax collections in the first five months of the current fiscal year grew 12.1% on year to INR 13.327 trillion, driven by robust direct tax collections, especially a sharp rise in income tax collections, data released Monday by the Controller General of Accounts showed. For August, however, tax collections were 15.8% lower on year at INR 2.485 trillion.

Though the income tax mop-up in Apr-Aug rose steadily by 25.5% on year to INR 4.523 trillion, for August, it was down sharply by 44% to INR 577.98 billion. Income tax collections in July were INR 1.072 trillion. The sharp contraction in August was owing to expediting the process of issuing income tax refunds. According to data from the Central Board of Direct Taxes, tax refunds worth INR 2.053 trillion were issued from Apr 1 to Sep 17, sharply up by 56.5% from a year ago.

 

Corporate tax collections fell 6% on year to INR 2.246 trillion in Apr-Aug, and for August, it was sharply lower by 36% at INR 400.65 billion than the tax collected in the corresponding period last year.

 

Corporate tax collections in August were nearly 309% higher than the INR 98 billion collected in July. The huge surge was because of a low base, since July was right after the first tranche of advance tax payments were made. 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 10.4% on year in Apr-Aug at INR 3.712 trillion. In August, the collections grew 12.6% on a yearly basis to INR 706.06 billion.

 

Customs duty collections in the first five months of the year grew 12.9% on year to INR 943.29 billion, and excise duty collections grew 4.2% on year in Apr-Aug to INR 1.040 trillion.

 

The Union Budget has revised the projection for this year's total tax collections to INR 38.40 trillion, up 10.8% from INR 34.65 trillion in the previous year.

 

The Controller General of Accounts detailed the central government's tax collections for Apr-Aug and Aug as follows (in billion rupees):

 

	Apr-Aug 2024	Apr-Aug 2023	Year-on-year % change
Corporation Tax	2,246.39	2,389.48	(-)6.0
Income Tax	4,522.86	3,603.81	25.5
Central GST	3,712.22	3,363.33	10.4
Union territory GST	12.86	14.7	(-)12.5
Integrated GST	(-)24.46	(-)28.94	00
GST compensation cess	624.62	577.46	8.2
Customs	943.29	835.18	12.9
Excise duty	1,040.06	997.76	4.2
Service Tax	0.32	4.3	(-)92.6
Other taxes	249.06	134.72	84.9
Total	13,327.22	11,891.8	12.1

 

	Aug-24	Jul-24	Aug-23	Year-on-year % change
Corporation Tax	400.65	98	628.17	(-)36.2
Income Tax	577.98	1,071.52	1,032.19	(-)44.0
Central GST	706.06	722.88	627.2	12.6
Union territory GST	3.52	0.57	3.06	15.0
Integrated GST	82.13	(-)4.83	62.5	31.4
GST compensation cess	119.15	127.79	114.3	4.2
Customs	268.07	204.57	184.89	45.0
Excise duty	271.94	254.55	235.76	15.3
Service Tax	0.19	0.51	0.53	(-)64.2
Other taxes	55.24	58.76	61.7	(-)10.5
Total	2,484.93	2,534.32	2,950.3	(-)15.8

 

End

 

Reported by Priyasmita Dutta

Edited by Manisha Baxla

 

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