Wait...
Search Global Export Import Trade Data
Recent Searches: No Recent Searches

Q1 tax revenue likely to exceed budgeted growth.


Date: 17-05-2024
Subject: Q1 tax revenue likely to exceed budgeted growth
New Delhi: The government expects its tax revenues in the first quarter to exceed budgeted growth but is likely to stick to the interim budget revenue estimates in the full budget.


Officials said the full-year projection in the interim budget was realistic and arrived at after taking into account multiple factors including global headwinds. "With continuity in tax policy we will stick with the collection target given in the interim budget, which was arrived at after considering margins for both upside and downside trend," said one of the officials.

For the current financial year (2024-25), the Centre has pegged its gross revenue collections at ₹38.30 lakh crore, a growth of 11.45% over the revised estimates for FY 2023-24.

Typically, the first quarter revenue collections remain muted but the government is confident of growth exceeding 13%. The official said multiple factors including improved compliance, better corporate earnings, enhanced focus on recovery and ongoing elections are expected to bolster collections.

The Centre has continued with its spending push despite the elections. The Goods and Services Tax collections for April stood at record ₹2.10 lakh crore and the trend is expected to continue. Tax authorities are focussed on improving collection through enhanced scrutiny and extensive use of data analytics.

The Central Board of Direct Taxes (CBDT) has asked officials to focus on recovery of outstanding demands, giving zone-wise targets. The net tax revenue in April-June 2023 period stood at ₹4.33 lakh crore.

The Centre's total gross tax receipts in FY24 marginally exceeded the revised estimate (RE) of ₹34.37 lakh crore in the year, another official said. Final numbers will be released on May 31.

 Source Name : Economic Times

Get Sample Now

Which service(s) are you interested in?
 Export Data
 Import Data
 Both
 Buyers
 Suppliers
 Both
OR
 Exim Help
+


What is New?

Date: 06-06-2024
Notification No. 40/2024 - Customs (N.T.)
Exchange Rate Notification No. 40/2024-Cus (NT) dated 06.06.2024-reg

Date: 16-05-2024
Notification No. 36/2024 - Customs (N.T.)
Exchange Rate Notification No. 36/2024-Cus (NT) dated 16.05.2024-reg

Date: 02-05-2024
Notification No. 34/2024 - Customs (N.T.)
Exchange Rate Notification No. 34/2024-Cus (NT) dated 02.05.2024-reg.

Date: 18-04-2024
Notification No. 30/2024 - Customs (N.T.)
Exchange Rate Notification No. 30/2024-Cus (NT) dated 18.04.2024-reg.

Date: 15-04-2024
Notification No.29/2024-CUSTOMS (N.T.)
Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver- Reg

Date: 12-04-2024
NOTIFICATION No. 09/2024 – CENTRAL TAX
Seeks to extend the due date for filing of FORM GSTR-1, for the month of March 2024

Date: 10-04-2024
NOTIFICATION No. 08/2024- Central Tax
Seeks to extend the timeline for implementation of Notification No. 04/2024-CT dated 05.01.2024 from 1st April, 2024 to 15th May, 2024

Date: 09-04-2024
Notification No. 28/2024-CUSTOMS (N.T.)
Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver- Reg.

Date: 08-04-2024
Notification No 07/2024 – Central Tax
Seeks to provide waiver of interest for specified registered persons for specified tax periods

Date: 05-04-2024
Notification No. 23/2024-Customs
Seeks to amend No. 64/2023-Customs, dated the 7th december, 2023 in order to allow duty free imports of yellow peas with bill of lading issued on or before 30.06.2024



Exim Guru Copyright © 1999-2024 Exim Guru. All Rights Reserved.
The information presented on the site is believed to be accurate. However, InfodriveIndia takes no legal responsibilities for the validity of the information.
Please read our Terms of Use and Privacy Policy before you use this Export Import Data Directory.

EximGuru.com

C/o InfodriveIndia Pvt Ltd
F-19, Pocket F, Okhla Phase-I
Okhla Industrial Area
New Delhi - 110020, India
Phone : 011 - 40703001