The Indian government is poised to surpass its gross tax collection target of Rs 33 lakh crore for the current fiscal year, driven by robust direct tax and GST numbers. Direct tax collections have surged by 20.66% YoY, reaching Rs 13.7 lakh crore by December 17, 2023. Both corporation taxes and personal income tax, including securities transaction tax, contributed significantly. The government had budgeted Rs 18.22 lakh crore from direct taxes for FY2023-24. Central GST collections till November 2023 were 14% higher than the previous year, standing at about Rs 5.4 lakh crore, supporting the optimistic outlook for surpassing the target.
Government on Track to Exceed Tax Collection Target, Set to Surpass Rs 34.5 Lakh Crore
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