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
Parul November 24, 2022
MORE IN News
India’s electronic goods exports up 25.8% YoY in April
India’s goods exports post 1.07% growth in April despite global uncertainties
Switzerland emerges as India’s top import destination in April with soaring gold imports
DoT selects 144 participants for its ‘Sangam: Digital Twin’ initiative
Centre takes up surge in online fake reviews with e-com giants, issues draft quality control order
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.
Also Read: India-Australia trade agreement brings job opportunities and lot more
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.