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India’s tax collection will exceed budget estimate

New Delhi: The total tax collection in the country will exceed the budget estimate. Revenue Secretary Tarun Bajaj said this. As per the officials, the tax collection may increase by Rs 4 lakh crore in the current fiscal on the back of buoyant income tax, customs duty and GST (Goods and Services Tax ) mop-up.

The direct tax collection comprising personal and corporate taxes would be close to Rs 17.50 lakh crore in the current fiscal. Mop up from indirect taxes (customs, excise and GST) would be close to Rs 14 lakh crore. The total tax collection is expected to be about Rs 31.50 lakh crore in 2022-23.

Also Read: Pharmaceutical exports from India grew by 138% 

For this financial year ending March 2023, the tax collection target set in the Union Budget is around Rs 27.50 lakh crore.  The Budget had pegged direct and indirect tax mop up 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.


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