NEW DELHI, Apr 21 (Reuters): Income tax receipts in India, comprising personal and corporate levies, rose 17.7 per cent year-on-year to nearly $235 billion in the 2023/24 financial year ending in March, reflecting the rising incomes of rich taxpayers and corporate profits.
Net income tax receipts for the 2023/24 financial year ending in March rose to 19.58 trillion rupees ($234.9 billion), up from 16.64 trillion in the previous financial year, the Central Board of Direct Taxes (CBDT) said on Sunday.
The net tax collections are 7.4 per cent higher than the government's initial budget target set in February 2023, said a statement by the CBDT, a wing of the federal finance ministry.
The government revised its income tax collections target for 2023/24 in February this year to 19.45 trillion rupees, while presenting the interim budget for 2024/25.
The announced figures have surpassed the revised target.
Net personal income tax collections, which include a security transaction tax levied on transactions of securities like stocks and mutual funds - rose by one-fourth to 10.44 trillion rupees ($125.3 billion) in 2023/24 from a year earlier.
Meanwhile, corporate tax collections rose 10.26 per cent to 9.11 trillion rupees ($109.3 billion) from 8.26 trillion rupees in the same period, the statement said.
"This is a good news," said Arun Kumar, an economist and former professor at Delhi's Jawaharlal Nehru University, adding the figures were also a "sign of rising income inequality".
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