Income, Corporate Taxes To Grow By 10.5% To Rs 18.23 Lakh In FY24

The government on Wednesday projected a 10.5 per cent growth in revenues from corporate and individual income tax to Rs 18.23 lakh crore in the next fiscal.

The revised estimates for the current fiscal pegged direct tax revenues at Rs 16.50 lakh crore, higher than the budget estimates of Rs 14.20 lakh crore.

In the current fiscal (2022-23), the revenues from direct tax (which includes income and corporate taxes) are projected to grow by over 17 per cent compared to 2021-22 fiscal when the collection was Rs 14.08 lakh crore.

In the current fiscal, the revenue from corporate tax is expected to come in at Rs 8.35 lakh crore. This is projected to rise by 10.4 per cent to over Rs 9.22 lakh crore in the next fiscal.

Personal income tax collections this fiscal are estimated at Rs 8.15 lakh crore and are projected to rise by 10.4 per cent to over Rs 9 lakh crore next year.

Collections from Customs duty are expected to rise by 11 per cent to Rs 2.33 lakh crore, from Rs 2.10 lakh crore in the revised estimates.

GST collections are projected to grow by 12 per cent in the next fiscal to Rs 9.56 lakh crore. In the current fiscal, the revised estimates pegged GST collection at Rs 8.54 lakh crore.

Taking both direct and indirect taxes, the gross tax collection is expected to grow by 10.45 per cent to Rs 33.61 lakh crore in 2023-24. In the current fiscal, the Revised Estimates pegs gross tax revenue at Rs 30.43 lakh crore. 

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