Budget Tax Targets: Sitharaman hopes to bump up tax revenues further in FY25

Budget Tax Collection Target: Finance Minister Nirmala Sitharaman proposed to increase gross tax collection in Budget 2024 to boost income and consumption, aiming for India to become the world’s third-largest economy. The government targets a gross tax revenue of Rs 38.40 lakh crore, with Rs 22.07 lakh crore from direct taxes and Rs 16.33 lakh crore from indirect taxes, crucial for fiscal stability and funding development initiatives. Personal income tax collections are projected to rise, with a deadline for filing returns by July 31.