Robust collections
Hope to exceed FY25 direct tax collection target, says CBDT head
This story was originally published at 15:17 IST on 18 November 2024
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--CBDT head: Hopeful of exceeding FY25 direct tax mop-up target
--CONTEXT: CBDT Chairman Agrawal speaking at India Intl Trade Fair 2024
NEW DELHI - The government is hopeful of exceeding the direct tax collection target it has set for the current financial year that started April, Central Board of Direct Taxes Chairman Ravi Agrawal said Monday. The Budget has projected total direct tax collections for 2024-25 (Apr-Mar) at INR 22.07 trillion, which include corporate and income taxes.
"Given the current trends in collections and the strength in the economy, the government is sure of not just achieving but exceeding the target," Agrawal said. Net of refunds, the government has collected INR 12.11 trillion for the period from Apr. 1-Nov. 10, which is 15.4% higher than the previous year, the finance ministry had said in a release last week.
Though the tax collections are robust, particularly on the back of high personal income tax, Agrawal said the tax burden on the middle class has substantially gone down in the last 10 years. Of the total INR 12.11 trillion direct tax collected till Nov. 10 in FY25, net corporate tax collections were INR 5.105 trillion and non-corporate tax collections were INR 6.619 trillion.
Corporate tax collections and non-corporate tax collections for the said period grew 6.5% and 20.7% on year, respectively. Non-corporate tax includes taxes paid by individuals, Hindu Undivided Families, firms, association of persons, body of individuals, local authorities, and artificial juridical person. End
Reported by Priyasmita Dutta
Edited by Vandana Hingorani
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