Ahmedabad: The Central Board of Direct Taxes (CBDT) has set a direct tax collection target of Rs 1 lakh crore for Gujarat for the 2024-25 financial year.

It is reported that the Income Tax Department had set the target for 2023-24 at Rs 89,800 crore, which has been increased to Rs 1,00,210 crore, reflecting an 11% year-on-year growth. In the last fiscal year, the state surpassed the target by collecting Rs 92,176 crore, which was 3% higher than the target.

A senior official attributed the increase in tax collection to several new initiatives aimed at simplifying tax filing. On Wednesday, top taxpayers from the state were recognized for their contributions.

Speaking at the 165th Tax Day event in Ahmedabad, Chief Minister Bhupendra Patel highlighted that Prime Minister Narendra Modi’s “reform-perform-transform” approach has fostered a people-centric tax system in India. Patel also emphasized the importance of taxpayers’ contributions to building a ‘Viksit Bharat’ and noted that Gujarat is among the top taxpaying states.

Chief Income Tax Commissioner Yashwant Chauhan welcomed the Chief Minister and noted that for the fiscal year 2024-25, the Income Tax Department is expected to contribute 46% of the budgeted revenue.