Sustaining 19.5% Growth In Direct Tax Collection In FY24 May Be Difficult: Report


Sustaining 19.5% Growth In Direct Tax Collection In FY24 May Be Difficult: Report

The web direct tax assortment grew 19.55 per cent to Rs 12.31 lakh crore until January 10. (File)

New Delhi:

Sustaining the present 19.5 per cent progress charge in revenue and company tax collections could also be troublesome in subsequent fiscal 12 months given headwinds from a slowing world and excessive base impact, a authorities supply stated.

Net direct taxes, that are made up of non-public revenue tax and the tax levied on company earnings, have seen a document progress in present fiscal 12 months, topping up the numbers projected within the Budget.

The anticipated decrease nominal GDP progress in 2023-24 on the again of threats of worldwide recession may affect revenue tax assortment, the federal government supply informed reporters forward of the presentation of Union Budget 2023-24 on February 1.

The web direct tax assortment grew 19.55 per cent to Rs 12.31 lakh crore until January 10. This is 86.68 per cent of the Budget estimates for present fiscal 12 months.

The forthcoming Budget could have revised income estimates for present fiscal 12 months in addition to tax assortment estimates for the following 12 months.

“It could be troublesome to keep up present 19.5 per cent progress charge in web direct taxes in 2023-24,” the supply stated.

As per first advance estimates, India’s nominal GDP is projected to develop at 15.4 per cent this fiscal 12 months and after adjusting inflation, actual GDP progress is anticipated to be 7 per cent.

Economists count on actual GDP progress to decelerate to 6-6.5 per cent subsequent fiscal 12 months and a decrease nominal GDP progress on account of declining inflation.

(Except for the headline, this story has not been edited by NDTV employees and is revealed from a syndicated feed.)

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