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Indirect tax collection grew by 14%

New Delhi: The Union Finance Ministry  informed that the indirect tax collections in the country grew by 14% on year in April-August of the current financial year. This rate is higher than the required rate of 3.5% to achieve the full-year target.

The growth in the goods and services taxes (GST) collection is the main factor in this upward trend.  The average monthly gross GST collections for the first five months of the current fiscal have been over Rs 1.49 trillion as against an average of 1.23 trillion for the full FY22.

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According to government data, the  indirect tax collections by the Centre would exceed the target of Rs 13.38 trillion.  This will help the Union government to keep the budget deficit within the target of 6.4% of GDP.

The direct tax collections grew by 30% on year till September 8 of the current financial year. The direct tax collections are expected to exceed the FY23 Budget target of Rs 14.2 trillion.


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