Quick Summary
Government is on track to exceed its total tax collection target for the current financial year, with direct tax and GST collection data suggesting potential it is more than enough. The latest trends indicate that the government can comfortably surpass the target of Rs 33 lakh crore and collect more
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FAQ :
The government is projected to collect more than £34.5 lakh crore in total tax revenue for the current financial year, exceeding the initial target of £33 lakh crore.
Direct taxes and Goods and Services Tax (GST) collections are showing impressive performance, driving the overall tax revenue.
Direct tax collections grew significantly at a rate of 20.66 per cent per annum as of 17 December 2023.
The government has set a target of £9.56 lakh crore from central GST.
Central GST collections till November 2023 showed an increase of 14 per cent over the same period last fiscal. Monthly GST collections have crossed the £1.60 lakh crore mark for the sixth time in 24 months.
Customs collections have largely stagnated, showing little growth compared to the corresponding period last year.
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