Rising economic activities lead to surge in personal income tax in H1FY24

Corporation tax grows moderately, growth in GST collections decelerates but the new normal is above Rs 1.55 trillion a month now

Personal income tax collections have been robust till October nine of the first half of the current financial year, reflecting increasing economic activities and better compliance. However, corporation tax mop-up rose moderately.

Growth in the goods and service tax (GST) collections also decelerated in the first half of the current financial year compared to that in the corresponding period of the previous financial year, even as the new normal is above Rs 1.55 trillion a month now.

For instance, direct tax receipts grew about 22 per cent at Rs 9.57 trillion till October 9 of the current financial year. The