Daily News: Tax Collection To Exceed Budget Estimates By Nearly Rs 4 Lakh Crore: Government


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

Tax Collection To Exceed Budget Estimates By Nearly Rs 4 Lakh Crore: Government
Tax Collection To Exceed Budget Estimates By Nearly Rs 4 Lakh Crore: Government

New Delhi: The government is expecting domestic tax collections to exceed the budget estimate by nearly Rs 4 lakh crore in the current fiscal owing to higher income tax, customs duty, and GST collections.

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

The direct tax collections consisting of personal and corporate taxes would be close to Rs 17.50 lakh crore in the current fiscal, said Bajaj. Also collections from indirect taxes like customs, excise and GST would be close to Rs 14 lakh crore, he added.

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 tax collections at Rs 14.20 lakh crore and Rs 13.30 lakh crore for current fiscal, taking the total figure to Rs 27.50 lakh crore.




Published Date: November 24, 2022 8:12 AM IST

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