Tax collections will exceed budget projections in FY 23, says Government

24 Nov 2022 , 12:40 PM

Due to higher income tax, customs duty, and GST collections, the government announced on Wednesday that domestic tax collections would surpass the budget estimate in the current fiscal by almost Rs 4 lakh crore. According to quotes from Revenue Secretary Tarun Bajaj, improved compliance will continue to cause tax revenue growth to outpace the GDP.

The target for tax revenue collection for the current fiscal year is Rs. 27.50 lakh crore. Bajaj added that the total amount of direct tax revenue for the current fiscal year, which includes both corporate and individual taxes, would be close to Rs 17.50 lakh crore.

In addition, he predicted that indirect tax revenues from excise, customs, and GST would total close to Rs 14 lakh crore. In 2022—2023, the Revenue Secretary predicted the total amount of taxes collected would be around Rs 31.50 lakh crore. The budget estimated that direct and indirect tax revenues would equal Rs. 27.50 lakh crore for the current fiscal year and Rs. 14.20 lakh crore and Rs. 13.30 lakh crore, respectively.

For feedback and suggestions, write to us at [e-mail]