The government may not achieve a revised tax collection target of Rs 30.43 lakh crore for the current financial year, a top official said. Revised estimate was raised steeply by over 10 percent from the budget estimate in the FY24 Budget presented last month, the official said.
The revised estimates for the current fiscal pegged gross tax revenues at Rs 30.43 lakh crore, higher than the budget estimates of Rs 27.57 lakh crore. On the direct tax side, the official said, "The revised estimates was quite steep. we are expecting a shortfall. The net collections could be between Rs 15-15.5 lakh crore."
In the current fiscal (2022-23), the revenues from direct tax (which includes income and corporate taxes) are projected to grow by over 17 percent at Rs 16.50 lakh crore compared to 2021-22 fiscal when the collection was Rs 14.20 lakh crore. In the current fiscal, the revenue from corporate tax is expected to come in at Rs 8.35 lakh crore.
This is projected to rise by 10.4 percent to over Rs 9.22 lakh crore in the next fiscal. Personal income tax collections this fiscal are estimated at Rs 8.15 lakh crore and are projected to rise by 10.4 percent to over Rs 9 lakh crore next year. Collections from customs duty are expected to rise by 11 percent to Rs 2.33 lakh crore, from Rs 2.10 lakh crore in the revised estimates. In indirect tax side, another official said, "we are expecting shortfall on the customs side."
There was reduction in the mopup from customs in the latest Budget as target was reduced to Rs 2.10 lakh crore from Rs 2.13 lakh crore estimated earlier for the financial year ending March 2023.
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