Скачать или смотреть India's Tax Collection Soars to ₹13.7 Trillion: A 20.66% Surge Reflects Robust Fiscal Growth

The Central government has successfully collected ₹13.7 trillion in corporate and personal income taxes by 17 December, marking a substantial 20.66% increase from the same period last year. Notably, ₹6.25 trillion was derived from advance tax collections. With a direct tax collection target of ₹18.2 trillion for the fiscal year, the government aims for a 10.5% growth aligned with the projected nominal GDP growth. The robust growth in tax revenue, accounting for three-fourths of the annual target by mid-December, suggests the government is on track to meet its goal, reflecting positive economic indicators. Net corporate tax receipts for this fiscal year reached ₹6.94 trillion after adjusting for refunds, while personal income tax collections, including Securities Transaction Tax (STT), stood at ₹6.72 trillion after refunds. The tax department, citing reforms in both direct and indirect taxes, credits the buoyancy in revenue collections to the impact of Goods and Services Tax (GST), the surge in digital payments, and the expansion of Tax Deducted at Source (TDS) in direct taxes. These measures have contributed to better tracking of transactions and improved tax compliance.