JOIN USGross tax revenue likely to reach Rs 33 lakh crore in FY24: PM
India's gross tax revenue is likely to reach Rs 33 lakh crore in 2023-24, an increase of 200% when compared with 2013-14 level of Rs 11 lakh crore on the back of widening tax base, Prime Minister Narendra Modi said on Tuesday.
Addressing a post-budget webinar, Modi said the revenue collection has jumped despite lowering of tax rates.
The prime minister noted that the number of individual tax returns filed increased from 3.5 crores to 6.5 crores from 2013-14 to 2020-21.
“Paying tax is such a duty, which is directly related to nation building. The increase in the tax base is proof that people have faith in the government, and they believe that the tax paid is being spent for public good,” Modi said.
The prime minister asked the private sector to increase investments and benefit from the government's push to capex announced in the budget. “Today, I would also call upon the private sector of the country to increase their investment just like the government so that the country gets maximum benefit from it,” he added.
Referring to economic growth projections, Modi said the Indian economy is considered a “bright spot” of the global economy.
“In the era of ‘Industry 4.0’ platforms developed by India are becoming models for the world,” he said.
The prime minister noted the transformative impact of the unified payment interface (UPI) on the Indian economy.
“RuPay and UPI are not just a low cost and highly secure technology, but it is our identity in the world. There is immense scope for innovation. UPI should become a means of financial inclusion and empowerment for the whole world,” he said.