Quick Summary
India's personal income tax collections emerged as a critical driver of government revenues in the first half of fiscal 2025, counterbalancing subdued growth in corporate tax and other indirect tax components due to a slowing economy and reduced corporate earnings. An analysis by the Controller General of Accounts (CGA) for the April-September 2024 period reveals a 12% year-on-year rise in gross tax revenue, reaching ₹18.1 lakh crore. Notably, income tax revenues surged by 25% to ₹5.6 lakh cror
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FAQ :
Personal income tax collections were the critical driver, surging by 25% in the first half of fiscal year 2025.
Corporate tax collections saw modest growth of 2.3% year-on-year, falling short of the budgeted target.
Gross tax revenue grew by 12% year-on-year, reaching ₹18.1 lakh crore in the April-September 2024 period.
The growth in income tax was attributed to a broader tax base and improved compliance mechanisms.
Yes, the government's ambitious capital expenditure target for FY25 remains on track.
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