The indirect tax collection for FY24 has exceeded the revised estimates (RE) of Rs 14.84 lakh crore, helped by a record GST mop-up, a top government official said. The gross GST mop-up for FY24 also marks a milestone with the collection of Rs 20.18 lakh crore, comprising state GST, central GST, integrated GST and compensation cess, exceeding the previous year’s collection by 11.7 percent. In FY23 and FY22, indirect tax collections stood at Rs 13.94 lakh crore and Rs 12.94 lakh crore, respectively. When compared to FY23, the indirect tax collection for FY24 has exceeded by 6.45%.
Sanjay Kumar Agarwal, chairman, CBIC, in a letter to field officials, said, “I am happy to inform that the indirect tax collections for FY 2024, including customs and union excise duty have exceeded the RE by a handsome margin.”
The revised estimates for central GST, including compensation cess, was Rs 9.57 lakh crore, while for excise duty it was Rs 3.08 lakh crore and customs Rs 2.19 lakh crore. Further, the government raised the target for direct tax collection in FY24 to Rs 19.45 lakh crore, while for indirect taxes including GST, customs and excise, the target was lowered to Rs 14.84 lakh crore.
The gross tax collection target, as per the revised estimate, stood at Rs 34.37 lakh crore for FY24. The Indian economy grew by over 8 percent for three consecutive quarters (April-December), and various agencies have revised the growth estimates of India for FY24 closer to 8 percent. SBI Research and Moody’s expected GDP growth for FY24 to be 8 per cent. Fitch and Barclays raised their growth forecast to 7.8 percent.
(with inputs from PTI)