News & Media 29th Jun 2024
The Centre’s gross tax collections (post refunds but before transfers to states), stood at Rs 4.6 trillion in the first two-months of the current financial year, 15.9% higher than the year year-ago level, data released by the Controller General of Accounts (CGA) showed on Friday. This is against 10.6% annual growth pegged in the Budget for FY25.
Rahul Charkha, Partner shed some light on this issue in an article, “Gross tax collections up 15.9% in April-May” written by Financial Express’s Priyansh Verma.
He also mentions, “the ratio between corporate tax and personal income tax has been reducing substantially since FY 2019-20 and from FY 2022-23, personal income tax has surpassed the contribution to total tax collection.”