THE YEAR 2023-24 not only witnessed multi-year high tax buoyancy levels mainly on the direct taxes front-but also higher level of compliance from taxpayers, and strict enforcement measures against tax evaders. Total tax receipts (before devolution to states) of the Centre in FY24 "slightly exceeded" the revised estimate (RE) of ₹34.37 trillion in the year, an official source told FE on condition of anonymity, even as the figures are being computed.
As per data on the Controller General of Accounts, the Centre's gross tax revenue had stood at ₹28.9 trillion in April-February FY24, accounting for 84% of the RE of ₹34.4 trillion. The March advance tax mop-up was robust on the direct tax front, and the GST receipts have surpassed expectations.
However, it isn't immediately clear if the RE of 23.24 trillion for net tax revenues (post-devolution) was met. Not much deviation from the target is expected, though.
In the first eleven months of FY24, the Centre recorded a tax buoyancy of 1.5, substantially higher than 0.9 recorded in FY23, and it seems the full year's tax buoyancy projection of 1.4 will be more than met.
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