Union Budget 2023: Tax collection to exceed budget estimate by nearly Rs 4 lakh crore, says revenue secretary

NEW DELHI: India’s tax assortment will exceed the finances estimate by way of just about Rs 4 lakh crore within the present fiscal at the again of buoyant source of revenue tax, customs accountability and GST mop-up, income secretary Tarun Bajaj stated on Wednesday.
In an interview to PTI, he stated the expansion in tax revenues will proceed to be upper than the GDP enlargement, helped by way of formalisation of the economic system and higher compliance.
For this monetary yr finishing March 2023, the tax assortment goal set within the Union Price range is round Rs 27.50 lakh crore.
Bajaj stated the direct tax assortment comprising private and company taxes can be with regards to Rs 17.50 lakh crore within the present fiscal. Mop up from oblique taxes (customs, excise and GST) can be with regards to Rs 14 lakh crore.
The full tax assortment is predicted to be about Rs 31.50 lakh crore in 2022-23, he stated.
The finances had pegged direct and oblique tax mop up at Rs 14.20 lakh crore and Rs 13.30 lakh crore for present fiscal, taking the full determine to Rs 27.50 lakh crore.
“We’re the use of numerous knowledge. We now have knowledge from source of revenue tax and GST departments, and MCA (ministry of company affairs). We also are getting knowledge referring to prime price expenditure. Formalisation of economic system and generation has helped progressed compliance,” Bajaj stated.
Ultimate fiscal, the direct tax assortment grew just about 50 consistent with cent to Rs 14.10 lakh crore in comparison to 2020-21.
“The rage of upper tax assortment than GDP enlargement will proceed,” Bajaj stated.
He additionally stated that even supposing there was once a discount in customs and excise tasks right through this fiscal, the federal government will likely be very with regards to the objective set within the finances.
The finances has set a goal of amassing Rs 2.13 lakh crore and Rs 3.35 lakh crore from customs and excise tasks, respectively.

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