The government’s advance tax collections for the third quarter of the fiscal year 2023-24, spanning April to December, have shown a robust growth of 19.8 per cent, reaching Rs 6.24 lakh crore compared to the corresponding period last year.
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The data includes payments received until 11:30 pm on December 15, the deadline for third-quarter advance tax payments, ET quoted sources in its report.
However, there might be further adjustments on Monday as additional data from banks starts pouring in. The comprehensive collections report is scheduled for release next week. Notably, corporate tax contributions accounted for Rs 4.81 lakh crore, while personal income tax added Rs 1.42 lakh crore to the total, ET report added.
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The government has set a direct tax revenue target of Rs 18.20 lakh crore for FY24, reflecting a 9.6 per cent increase from the latest estimate of FY23. The fiscal year 2023-24 budget estimate for direct tax revenue was initially Rs 14.2 lakh crore, later revised to Rs 16.5 lakh crore, ultimately closing marginally higher at Rs 16.61 lakh crore.
Finance Minister Nirmala Sitharaman on Thursday ruled out any “spectacular announcement” for her sixth budget on February 1 next year, saying it would just be a vote on account before the general elections. “No spectacular announcements come in that time (in a vote on account).
So you will have to wait till after the new government comes in and presents the next full Budget in July 2024,” Sitharaman said in reply to a question on whether she would announce a “supercharged budget” in February.
