Tax collection will be around Rs 4 lakh crore more than budget estimate: Revenue Secretary Tarun Bajaj

Tax collection will be around Rs 4 lakh crore more than budget estimate: Revenue Secretary Tarun Bajaj

In the last financial year, direct tax collections grew by nearly 50 per cent to Rs 14.10 lakh crore. (File)

New Delhi:

Revenue Secretary Tarun Bajaj today said that India’s tax collection in the current financial year will exceed the budget estimate by about Rs 4 lakh crore due to increase in income tax, customs duty and GST (Goods and Services Tax).

In an interview to PTI, he said that tax revenue growth will continue to exceed GDP (gross domestic product) growth, helped by formalization of the economy and better compliance.

For this financial year ending March 2023, the tax collection target set in the Union Budget is around Rs 27.50 lakh crore.

Tarun Bajaj said that the direct tax collection including personal and corporate taxes will be close to Rs 17.50 lakh crore in the current financial year. The mop up from indirect taxes (customs, excise and GST) would be close to Rs 14 lakh crore.

He said that the total tax collection in 2022-23 is estimated to be around Rs 31.50 lakh crore.

Direct and indirect tax collections were estimated at Rs 14.20 lakh crore in the budget and Rs 13.30 lakh crore for the current fiscal, taking the total figure to Rs 27.50 lakh crore.

“We are using a lot of data. We have data from the Income Tax and GST departments, and the MCA (Ministry of Corporate Affairs). We are also getting data about high-value expenditure. Formalization of the economy and technology has led to compliance. have helped in improving the

In the last financial year, the direct tax collection increased by almost 50 percent to Rs 14.10 lakh crore compared to 2020-21.

Tarun Bajaj said, ‘The trend of tax collection more than GDP growth will continue.’

He also said that even if there is a reduction in customs duty and excise duty during this fiscal, the government will be very close to the target set in the budget.

The budget has set a target of collecting Rs 2.13 lakh crore and Rs 3.35 lakh crore from customs duty and excise duty, respectively.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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