Tax collections to cross budget estimates in current fiscal, says government
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 collections to cross budget estimates in current fiscal, says government Tax collections to cross budget estimates in current fiscal, says government](https://cdn.zeebiz.com/sites/default/files/styles/zeebiz_850x478/public/2022/11/24/212498-ddd-5.jpg?itok=AQSkmc8H&c=c5af8c0f92ccc8e249257bf0f1cb18e8)
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.
Click Here For Latest Updates On Stock Market | Zee Business Live
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
![https://www.zeebiz.com/markets/stocks/photo-gallery-large-cap-midcap-stocks-shares-to-buy-for-long-term-check-out-targets-nifty-sensex-303617](https://cdn.zeebiz.com/sites/default/files/styles/zeebiz_700x394/public/2024/07/25/306716-stockks.jpg?itok=KJTrFUIK)
Stocks to buy for long term: Analysts suggest buying these 5 largecap, 4 midcap scrips; check out targets
![https://www.zeebiz.com/personal-finance/photo-gallery-nps-retirement-planning-budget-2024-nirmala-sitharaman-announcement-how-nps-rulebook-change-can-increase-corpus-income-and-monthly-pension-by-40-compound-return-303984](https://cdn.zeebiz.com/sites/default/files/styles/zeebiz_700x394/public/2024/07/26/307102-indian-currency-pixabay-take.jpg?itok=kN21EW-9)
How your NPS retirement corpus and monthly pension can jump by 40% after this rule change; get details
![https://www.zeebiz.com/personal-finance/photo-gallery-senior-citizen-savings-scheme-scss-2024-interest-rate-calculator-post-office-how-to-get-inr-rs-50000-interest-retirement-planning-guaranteed-return-maturity-amount-small-savings-303930](https://cdn.zeebiz.com/sites/default/files/styles/zeebiz_700x394/public/2024/07/26/307042-fd-interest-file.jpg?itok=45ZbBRWM)
How much investment do you need in this senior citizen scheme to get Rs 50,000 quarterly interest? Know here
08:53 AM IST