 "Tax")
The Union government’s tax collections are beating estimates. The latest July figure showed nearly 20 per cent growth in the gross direct tax collections for 2024-25 (FY25) to Rs 6.5 trillion (chart 1), largely driven by an increase in advance tax payments.
The Budget on Tuesday is likely to increase the tax revenue projections by Rs 30,000-40,000 crore compared to the Interim Budget in February, Business Standard had reported earlier. Gross tax revenue as a percentage of gross domestic product (GDP) was already near its highest level in many years (chart 2).
Personal income-tax
