THE INTERIM BUDGET for 2024-25 has assumed gross tax collections (GTR) to grow 11.5% year-onyear to 38.2 trillion in FY25 from the FY24 revised estimate (RE) of ₹34.4 trillion, driven primarily by a sharp growth in direct tax mop-up.
This is higher than the 10% growth assumed in the Budget estimate for FY24, but is lower than the 12.5% seen in the RE for the year.
The projected GTR mop-up growth in FY25 implies a tax buoyancy of 1.1 in the next financial year, given the 10.5% nominal GDP growth estimate. The buoyancy in FY24 at 1.4 is the second-highest in the last seven financial years.
Finance secretary TV Somanathan said the tax receipts target for the next financial year is realistic, even not slightly conservative.
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