Govt. nets 87% of direct tax goal, receipts hit ₹12 lakh crores

Govt. nets 87% of direct tax goal, receipts hit ₹12 lakh crores

• India’s net direct tax collections stood at ₹12.31 lakh crore, accounting for almost 87% of the target for 2022­23 and reflecting a 19.6% growth over the year earlier period, asserting that tax revenues continued to register ‘steady growth’.
• The growth rate for the net direct tax kitty was only marginally lower than the 19.8% recorded by December 17, 2022, when a little more than ₹11.35 lakh crore had been collected.
• Net Personal Income Tax revenue grew faster than net corporate taxes, rising 21.6% by January 10, compared with corporate tax inflows which grew 18.3%.

India growthto slow to6.6% in FY24:World Bank

• India’s economic growth will slow to 6.6% in the next fiscal year from an expected 6.9% in the current year, the World Bank said in its latest economic update.
• “The slowdown in the global economy and rising uncertainty will weigh on export and investment growth,” the Bank said.
• Increased infrastructure spending and “business facilitation measures” will, however, crowd in private investment and support the expansion of manufacturing capacity, it added.