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. Tax collection target for the current fiscal is pegged at Rs 27.50 lakh crore.
Bajaj also that the direct tax 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 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.
Source: https://www.zeebiz.com/personal-finance/income-tax/news-tax-collections-to-cross-budget-estimates-in-current-fiscal-says-government-209452