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FinanceTimes of India

GST rate cuts slow down Q1 tax collection growth

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  1. Centre's fiscal deficit reached 18% of annual estimate at end of Q1 (April-June).

  2. Tax revenue grew 3.7% to Rs 9 lakh crore, impacted by GST rate cuts and cess removal.

  3. Net income tax collections rose 6.8% to Rs 3,05,395 crore; corporation tax up nearly 20% to Rs 2,06,827 crore.

  4. Fertiliser subsidy shot up 61% to Rs 65,000 crore; fuel subsidy soared from Rs 314 crore to Rs 7,861 crore due to West Asia conflict.

  5. Capital expenditure rose 23.7% to Rs 3.4 lakh crore; railway capex up 31% to Rs 97,706 crore.

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GST rate cuts slow down Q1 tax collection growth · in5points