New Delhi
The government is set to exceed its direct tax collection target of ₹22.07 lakh crore for the current fiscal year, according to Central Board of Direct Taxes (CBDT) chairman Ravi Agarwal on Monday. Speaking at the India International Trade Fair (IITF), Agarwal highlighted significant growth in both corporate and non-corporate tax collections.
As of November 10, the government collected ₹12.11 lakh crore in net direct taxes, a 15.41% increase from the same period last year. This includes ₹5.10 lakh crore from corporate taxes and ₹6.62 lakh crore from individual and other non-corporate taxes. Additionally, ₹35,923 crore was collected through securities transaction tax (STT).
The fiscal target for direct taxes includes ₹10.20 lakh crore from corporate taxes and ₹11.87 lakh crore from personal income tax and other sources. Agarwal expressed confidence that robust growth in tax revenues will help surpass the budgeted target.
Taxpayers with undisclosed foreign income or assets have until December 31 to file revised returns for the 2023-24 financial year. To ensure compliance, the tax department is sending reminders via SMS and email to those with undeclared high-value assets.
Agarwal also noted that over 6,000 suggestions have been submitted for simplifying income tax laws, reflecting the government’s efforts to make tax language clearer and more accessible. The government’s focus on increasing tax compliance and widening the tax base underlines its commitment to strengthening India’s fiscal framework.
