New Delhi: The government's gross tax revenue is projected to grow 11.46 per cent to Rs 38.31 lakh crore in the next fiscal, buoyed by 11.6 per cent growth in GST collections. Goods and Services Tax (GST) collection in 2024-25 is estimated to rise to Rs 10.68 lakh crore, an increase of Rs 1.1 lakh crore or 11.6 per cent.
Of the total tax collections, Rs 21.99 lakh crore is estimated to come from direct taxes (personal income tax + corporate tax), and Rs 16.22 lakh crore from indirect taxes (customs + excise duty +GST). In the current fiscal, the government estimates gross tax revenue to exceed the budget estimated by about Rs 76,000 crore.
The budgeted tax revenue for current fiscal was Rs 33.61 lakh crore, while the revised estimate pegs it at Rs 34.37 lakh crore, as per the Interim Budget 2024-25. Even though the corporate tax collections remained as per the FY24 budget estimates, the personal income tax collection is expected to overshoot budget estimates by over Rs 1.20 lakh crore in current fiscal.
While the revised estimate for customs and excise duty collections has been lowered to Rs 2.19 lakh crore and Rs 3.08 lakh crore respectively, GST collections are estimated at the budgeted level of Rs 9.57 lakh crore in current fiscal ending March 31, 2024.
