direct tax: India’s internet direct tax assortment at Rs 15.6 lakh crore until Feb 10, reaches 80% of revised goal

On February 1, 2024, Union Finance Minister Nirmala Sitharaman revised direct tax assortment purpose to Rs. 19.45 lakh crore for the present monetary 12 months, larger than Rs 16.61 lakh crore collected in fiscal 2023 and Rs 14.08 lakh crore in fiscal 2022.

In January, India’s internet direct tax assortment had witnessed a 19 per cent improve on an annual foundation to Rs 14.70 lakh crore.

Sitharaman, within the interim Finances 2024, had put ahead a proposal to gather larger direct and oblique taxes for the following fiscal 12 months beginning April 1, reflecting an revenue and consumption increase in an economic system aiming to develop into the world’s third largest.

India’s gross tax income for fiscal 2025 is estimated to be Rs 38.31 lakh crore, up 11.45 per cent from revised goal for this fiscal 12 months of Rs 34.37 lakh crore.

New Delhi goals to lift Rs 21.99 lakh crore from direct taxes and Rs 16.31 lakh crores from oblique taxes in fiscal 12 months 2025.The federal government revised the oblique tax assortment for this fiscal 12 months to Rs 14.92 lakh crore. In FY23 and FY22, oblique tax collections stood at Rs 13.94 lakh crore and Rs 12.94 lakh crore, respectively.

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