Increased tax revenue mop-up keeps India on track to becoming $5 trillion economy: Finance Ministry
2 years, 8 months ago

Increased tax revenue mop-up keeps India on track to becoming $5 trillion economy: Finance Ministry

The Hindu  

The focus on capex in the recently announced Budget for the current fiscal year will boost manufacturing and tax revenue collections, thereby keeping India on track to becoming a $5 trillion economy, the finance ministry said on Thursday. Tax revenues in last fiscal year grew by a record 34% to ₹27.07 lakh crore, which the ministry said is "a remarkable testimony to the rapid recovery" of the economy following successive waves of COVID-19. “The central government’s focus on making India a global economic powerhouse and the host of measures adopted towards this commitment has directly reflected in India’s GDP growth in recent years.” "This has translated into increased revenue collection for the exchequer while keeping India well on the track towards achieving a $5 trillion economy.," the ministry said in a statement. In the last fiscal year, direct tax collection rose by a record 49% to ₹14.10 lakh crore, while indirect taxes recorded a growth of 20% to ₹12.90 lakh crore — reflecting buoyancy in economy and the impact of anti-tax evasion measures.

History of this topic

Net direct tax receipts grows 16.45% to ₹15.82 lakh crore till mid-December
5 days, 9 hours ago
Centre to make highest-ever effective capital expenditure in fiscal year 2024-25, know what it is
5 days, 20 hours ago
How big corporates are choking middle class, hurting India growth story
6 days, 23 hours ago
Industry needs to up R&D spend, expect govt capex growth to sustain: Ficci
1 week, 2 days ago
Capex support will continue for infrastructure development: Minister Chaudhary
1 week, 3 days ago
India needs reliable data to track capital expenditure across the economy
1 week, 5 days ago
‘Centre, state CPSE capex could decline in FY25’
1 week, 6 days ago
India’s GDP growth shocker: Bad news can be good too
2 weeks, 5 days ago
Centre likely to miss ₹1.5 trillion capex loan target for states in FY25
2 weeks, 5 days ago
Eyes on income tax, customs duty and capex reforms as Sitharaman begins Budget 2025 meetings
2 weeks, 6 days ago
India’s fiscal deficit on track, but spending challenges persist, govt. has only five months left in FY25 to spend: UBI report
3 weeks ago
Capex slowdown helps govt cut deficit by 6.6 per cent in Apr-Oct
3 weeks, 2 days ago
India’s April-October fiscal deficit narrows to ₹7.51 trillion, driven by RBI dividend and lower capex
3 weeks, 3 days ago
Centre Could Miss Capex Target by Rs 70k Crore in FY25
3 weeks, 5 days ago
Private Industrial Capex to Touch Rs 6.7 Lakh Cr in FY28
4 weeks ago
Centre eyes 95% of undershot capex target for FY25: Ajay Seth
1 month ago
India is investing more in mutual fund SIPs, and paying more tax too
1 month, 1 week ago
Government may ease quarterly capex limits to achieve record ₹11.11 trillion spending goal for FY25: Report
1 month, 1 week ago
Centre’s net direct-tax revenue grows 15.4% to ₹12.1 trillion in April-Nov
1 month, 1 week ago
Education, welfare in focus of ₹2.94 lakh-cr Andhra budget
1 month, 1 week ago
India's Tax Filers Surge Fivefold, With 52% of Salaried Individuals Reporting Income Over Rs 1 Crore
2 months ago
Govt plans survey of lagging private capex
2 months, 4 weeks ago
Private capex to pick up, ₹4 lakh crore credit demand pipeline from India Inc: SBI Chairman
2 months, 4 weeks ago
India's GDP grows by 6.7 percent in Q1: Govt report
3 months, 3 weeks ago
Net direct tax collection rises 22% so far this fiscal
4 months, 1 week ago
Budget 2024: The Neoliberal Lenses That Skew the Vision
4 months, 2 weeks ago
FM Nirmala Sitharaman on Budget 2024: Union Budget strikes a fine balance between growth, employment, capital investment, and fiscal consolidation
4 months, 3 weeks ago
How India's Budget and economy changed in 10 years. PM Modi explains in 10 numbers
4 months, 3 weeks ago
Central government debt set to double to ₹185 trillion by FY25 amid fiscal challenges and policy shifts
4 months, 3 weeks ago
Govt. on track to reduce fiscal deficit: Fitch
4 months, 3 weeks ago
Budget 2024-25 CAPEX: ₹11 lakh crore allocated towards capital expenditure, 3.4% of GDP by FM Nirmala Sitharaman
5 months ago
India’s Modi focuses on jobs creation in first budget after winning polls
5 months ago
Budget may make some announcements to enable Global Minimum Tax
5 months, 1 week ago
Modi government's Capex ambitions face budgetary constraints amid political pressures
5 months, 1 week ago
Govt may revise fiscal deficit target to 5% of GDP in Budget
6 months, 1 week ago
Punjab government misses 2023-24 capex target by 53%
6 months, 4 weeks ago
New private investments dropped over 15% in 2023-24; States led capex growth
8 months ago
In A First, Road Ministry's Capex in 2023-24 Crosses Rs 3 Lakh Crore With Highest-Ever Private Investment
8 months, 1 week ago
PM Modi sets ambitious India economic goals for probable third term
8 months, 2 weeks ago
Morgan Stanley on India's economy: Boom like 2003-2007, on cusp of this big push
9 months ago
India’s Investment To GDP Ratio To Touch 36 Per Cent In FY27: Morgan Stanley
9 months ago
Coimbatore Corporation Budget for 2024-25 anticipates ₹118 crore deficit
9 months, 2 weeks ago
Punjab government likely to miss capex target, only 32% achieved so far
9 months, 3 weeks ago
Lower inflation, increase in per capita income, revenue: Delhi Economic Survey
9 months, 3 weeks ago
GDP growth at 8.4 per cent in Dec quarter, PM Narendra Modi hails ‘strength, potential of Indian economy’
9 months, 3 weeks ago
Fiscal deficit at Jan-end touches 63.6 pc of full year target, says govt data
9 months, 3 weeks ago
Chennai Corporation Budget 2024 | Fiscal deficit at lowest in five years, revenue receipts up
10 months ago
Corporate sector capex to fuel economic growth: RBI
10 months ago
Assam govt presents ₹774.47 crore deficit budget; no new taxes proposed
10 months, 1 week ago
RBI pegs FY'25 GDP growth at 7% on improved consumption demand, private capex spends
10 months, 2 weeks ago

Discover Related