Tax Collections

Tax collections remained above Rs 1.7 lakh crore mark for the eighth consecutive month

Neither conservative, nor optimistic, realistic tax targets in Budget 2024 is key to fiscal prudence

Given that Budget 2024 is expected to deliver more on welfare, the government may want to be more accurate with its revenue projections in a bid to design public expenditure better.

Tax collections seen 14% higher in FY25 Union Budget despite fall in tax buoyancy

According a Moneycontrol survey of economists, the gross tax collections estimate for the next financial year may be pegged at Rs 38.3 lakh crore as against the 2023-24 Budget estimate of Rs 33.6 lakh crore

Budget 2024: What next for India's booming tax collections?

Ahead of the presentation of the 2024-25 interim Budget, Moneycontrol takes a quick look at the state of the Indian economy. Here, we examine developments in the government's tax revenues and how key links may be breaking down – for the better.

Record tax collections due to reforms, says PM Modi

Addressing a gathering after inaugurating the National Academy of Customs, Indirect Taxes and Narcotics (NACIN) in Palasamudram in Sri Satyasai district, Modi said the tax payers money was being properly utilised and whatever collected is given back to the people in different forms.

Budget 2024: GDP growth-tax collections relationship is now complicated

The finance ministry makes its projections for next year's tax collections based on how fast it thinks the Indian economy will grow in nominal terms. But if the experience of 2023-24 is anything to go by, the relationship that existed between the two seems to have become more complicated and could present a challenge in crunching the numbers for the 2024-25 interim Budget

Budget 2024-25: Net direct tax collections for FY24 jumps nearly 21% to Rs 13.70 lakh crore

Within overall direct tax collections, corporate tax mop-up amounted to Rs 6.95 lakh crore, while personal income tax and securities transaction tax together amounted to Rs 6.73 lakh crore.

Direct tax collections cross Rs 11 lakh crore in October, up 18% YoY: Fin Min

A five-fold-plus jump in corporate tax collections in August had helped limit the Centre's fiscal deficit in the first five months of 2023-24 to 36 percent of the full-year target

Centre's FY24 finances get unexpected boost from direct tax collections in August

The huge turnaround in collections of corporate tax and personal income tax during the month of August has made the government's fiscal deficit target of 5.9 percent of GDP significantly more feasible

GST collections rise 11% YoY to Rs 1.59 lakh crore in August

This is the sixth month in a row that the monthly GST mop-up has come in above the Rs 1.5 lakh crore-mark

India's nominal GDP growth could be 50 bps higher than Budget assumption: Fin Min source

A higher nominal GDP figure versus the budgeted figure could mean that the Centre’s tax mop-up for 2023-24 may be better than the projections, giving the govt more leeway in meeting its fiscal deficit target.

GST collections for April scale record high of Rs 1.87 lakh crore

This is the 14th month in a row that the total GST mop-up has come in above the Rs 1.4-lakh-crore mark

Direct tax collection for FY23 rises over 17%, exceeds revised estimates by 0.7%

The direct tax collections figures released by the finance ministry for 2022-23 are provisional in nature and could change

Fiscal deficit widens to 83% of FY23 target at Rs 14.54 lakh crore

The Central government has set itself a revised fiscal deficit target of Rs 17.55 lakh crore for the current financial year. However, as a percentage of the GDP, the full-year target remains at 6.4 percent.

GST collection dips to Rs 1.50 lakh crore in Feb

Goods and Services Tax collections have exceeded the Rs 1.4 lakh crore level for 12 consecutive months

Direct tax collections at 87% of FY23 target as on January 10

The Centre had estimated it would collect Rs 14.2 lakh crore as direct taxes in 2022-23

Gross direct tax collections up 31% to Rs 10.54 lakh cr so far this fiscal: Govt

The net collection of direct taxes, which include personal and corporate taxes, after adjusting for refunds stood at Rs 8.71 lakh crore.

Centre collected Rs 7 lakh crore as net taxes in April-June, up 24% from last year

The Budget for FY23 had pegged the Centre's net tax collections for the current financial year at Rs 19.35 lakh crore.

Centre releases Rs 86,912 crore to states, clears GST compensation dues

The Centre has cleared all dues to states despite only Rs 25,000 crore being available in the GST compensation fund, with the balance being from the Centre's own resources.

Revenue Secretary Bajaj warns FY23 tax collection growth may not be as robust as in FY22

The central government’s tax collections for FY22 have exceeded the revised estimate by 7.6 percent.

FY22 tax collections at Rs 27.07 lakh crore, exceed revised estimate by 7.6%

The finance ministry said the tax collection numbers for FY22 are "tentative" and "some upside" is expected.

Union Budget 2022: Third Budget under the shadow of the pandemic

The government’s finances on the eve of the Budget are in relatively good shape. Tax revenues have been buoyant, partly the result of very high nominal GDP growth of 23.9 per cent in the first half of the current fiscal year

What tax collections tell us about the health of the economy

Stellar revenue collections bode well for the finances of the government. The worrying aspect is the reasoning around direct taxes which portends to widening inequality 

Net direct tax rises over 100 percent this fiscal year to Rs 1.85 lakh crore

Direct Tax collections for FY22 as on June 15 show that net collections are at 1,85,871 crore versus Rs 92,762 crore year-on-year.