 "Union budget")
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Gross collection (before refunds) until July 11 this year stood at Rs 6.45 trillion, with personal income tax contributing Rs 3.61 trillion and corporate tax accounting for Rs 2.65 trillion
The Union government is likely to increase its tax revenue projections for 2024-25 by Rs 30,000-40,000 crore in the forthcoming Budget, according to two officials in the know. This change is anticipated due to higher economic growth projections compared to those in the Interim Budget, alongside enhanced tax buoyancy, primarily driven by direct taxes and the central goods and services tax (CGST).
“We could expect a revision of Rs 15,000-20,000 crore each in direct and indirect taxes in the Budget, in line with higher GDP growth projections and the current robust trend in tax collection,” said one of the officials.
First Published: Jul 15 2024 | 11:59 PM IST
