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Informist, Friday, Mar. 28, 2025

 

NEW DELHI – The government's gross tax mop-up in the first eleven months of the financial year 2024-25 (Apr-Mar) was up 10.9% year on year at INR 32.042 trillion as income tax collections continued to be the top contributor to the Centre's coffers, data released Friday by the Controller General of Accounts showed.

 

In February, income tax collections grew 22.7% to INR 786.97 billion, taking the total for Apr-Feb to INR 9.915 trillion, or 22% higher over last year. On other hand, corporate tax collections in January was to the tune of INR 158.34 billion as against a shortfall of INR 28.51 billion last year, taking the total collection under this head for Apr-Feb to INR 7.672 trillion, up only 1.9% on year. 

 

As per the revised estimates, the government expects to collect gross tax revenue of INR 38.535 trillion in FY25, which would be 11.2% higher than FY24. The revised growth projection for FY25 income tax and corporate tax collections are 20.3% and 7.6%, respectively. For the target to be met, the government has to collect corporate tax to the tune of INR 2.13 trillion and income tax collections to the tune of INR 533 billion in the last month of FY25.

 

On a month-on-month basis, February's tax collections trailed January's by 6% even as devolution to states were lower on a month-on-month basis. The Centre devolved INR 1.064 trillion to states in February, half of the INR 2.132 trillion devolved last year. During Jan-Feb, the government's devolution to states was INR 11.805 trillion, up 14.2% on year. With this, the Centre has already devolved 92% of the full amount to be shared with states in FY25. 

 

While on a gross basis, the government may still close the year with collections that is around the Budgeted figure, it may have to push the pedal to meet the net tax collections target. Rating Agency ICRA Ltd., however, said in a note that meeting net tax target "seems achievable given the modest uptick in tax devolution in the month." In Apr-Feb, the government's net tax collections were INR 20.16 trillion, up 8.9% on year. The Budget had projected the government's net tax collections in FY25 to be INR 25.57 trillion. 

On the indirect tax front, February saw a healthy growth in central goods and services tax and a fall in customs and excise mop-up. For Apr-Feb, central GST was up 11.1% against the budgeted growth of 11.0%, while customs duty were up 4.2. Excise collections in Apr-Feb were marginally down 1.4% from the same period last year.

 

The details for the central government's tax collections for February and Apr-Feb are as follows (in billion INR):

	Feb-25	Jan-25	Feb-24	Year-on-year % change
Corporation Tax	158.34	103.93	(-)28.51	--
Income Tax	786.97	749.75	641.19	22.7
Securities Transaction Tax	46.86	44.05	43.93	6.7
Other Receipts	0.01	0.02	0.07	(-)85.7
Central GST	776.23	792.58	711.29	9.1
Union territory GST	3.04	8.64	3.76	(-)19.1
Integrated GST	(-)99.98	39.80	(-)126.9	--
GST compensation cess	133.56	134.15	125.29	6.6
Customs	144.36	200.01	213	(-)32.2
Excise duty	242.92	262.72	248.67	(-)2.3
Service Tax	0.02	(-)0.29	(-)0.02	--
Other taxes	6.37	3.93	4.77	33.5
Total	2,198.7	2,339.29	1,836.54	19.7

 

 

	Apr-Feb 2025	Apr-Feb 2024	Year on year % change
Corporation Tax	7,671.53	7,527.18	1.9
Income Tax	9,914.89	8,123.71	22.0
Securities Transaction Tax	492.27	298.04	65.2
Other Receipts	0.09	1.02	(-)91.2
Central GST	8,301.37	7,475.15	11.1
Union territory GST	38.64	43.36	(-)10.9
Integrated GST	(-)376.08	(-)432.91	--
GST compensation cess	1,383.27	1,287.27	7.5
Customs	2,046.12	1,963.52	4.2
Excise duty	2,501.94	2,538.35	(-)1.4
Service Tax	0.09	4.67	(-)98.1
Other taxes	68.13	69.15	(-)1.5
Total	32,042.26	28,898.51	10.9

 

End

 

Reported by Priyasmita Dutta

Edited by Akul Nishant Akhoury

 

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