At Rs 11.8 trn, India's gross tax revenue up by 16% in 5 months of FY24

August tax mop-up gives boost to govt finances

The Union government’s finances witnessed significant improvement in August after a stressful first four months of the current fiscal year. India’s gross tax revenue, comprising both direct and indirect taxes, for the first five months of 2023-24 surged 16.5 per cent year-on-year (Y-o-Y) to Rs 11.8 trillion.

During the April-July period, gross tax revenue increased by a mere 2.8 per cent compared to the Budget Estimate of 12.1 per cent growth for FY24. Lower nominal GDP growth of 8 per cent in the June quarter against the government’s target of 10.5 per cent for FY24 had raised concerns over the