Tax collections to cross budget estimates in current fiscal, says govt

The growth in tax revenues will continue to be higher than the GDP growth, owing to better compliance and tax collection target for the current fiscal is pegged at Rs 27.50 lakh crore

   
tax collection to cross budget estimates

Domestic tax collections will exceed the budget estimate by nearly Rs 4 lakh crore in the current fiscal owing to higher income tax, customs duty, and GST collections, the government said on Wednesday.

Revenue Secretary Tarun Bajaj was quoted as saying that the growth in tax revenues will continue to be higher than the GDP growth, owing to better compliance.

The tax collections target for the current fiscal is pegged at Rs 27.50 lakh crore.

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Bajaj also that the direct collections consisting of personal and corporate taxes would be close to Rs 17.50 lakh crore in the current fiscal.

Also, collections from indirect taxes like customs, excise, and GST would be close to Rs 14 lakh crore, he said, as per reports.

The total tax collection is expected to be about Rs 31.50 lakh crore in 2022-23, the Revenue Secretary said.

The budget had pegged direct and indirect collection at Rs 14.20 lakh crore and Rs 13.30 lakh crore for the current fiscal, taking the total figure to Rs 27.50 lakh crore.