Robust growth in corporate and personal income tax receipts will lift the share of income taxes in central government revenues to a 15-year high in FY25, Revenue Secretary Sanjay Malhotra said.
What coincided with FY24's strong growth in income taxes is the sluggishness in customs and excise duty receipts. It is expected to improve only slightly in the next fiscal year.
Receipts from corporate and personal income tax are projected to account for 57.4% of the Centre's gross tax revenue in FY25, the highest since 2009-10 when it stood at 60%.
"This is among the highest. There had been 56% earlier. Even in 2013-14 and 2014-15, it was 56%.
After that, it has decreased," Malhotra said in an interview. Data available with the income tax department showed that the share of direct taxes in the Centre's gross tax receipts was 46.84% in the pandemic year of FY21 but crossed 52% in FY22 and continued to improve further.
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