Wednesday, March 22, 2023

Tax collections likely to be less than revised estimates: Officials – Usky News

New Delhi: The government may not meet the revised tax collection target of Rs 30.43 lakh crore for the current fiscal, a top official said.
The revised estimate in the FY24 budget presented last month was a 10 per cent increase over the budget estimate, the official said.
The Revised Estimates (RE) for the current financial year have been worked out gross tax revenue Rs 30.43 lakh crore, more than the budget estimate of Rs 27.57 lakh crore.
In the case of direct tax, the official said, “RE was quite sharp. We are expecting a reduction net collection Could be between Rs 15-15.5 lakh crore.”
In the current financial year (2022-23), revenue from direct taxes (which includes income and corporate tax) is estimated to grow by 17 per cent to Rs 16.50 lakh crore as compared to the 2021-22 financial year, when the collection was Rs 14.20 lakh . Ten million.
In the current financial year, revenue from corporate tax 8.35 lakh crore is expected to come. It is estimated to increase by 10.4 percent to more than Rs 9.22 lakh crore in the next financial year.
personal income tax Collection It is estimated to be Rs 8.15 lakh crore in the current financial year and is estimated to increase by 10.4 percent to more than Rs 9 lakh crore in the next year.
Collections from customs duty are expected to increase by 11 per cent to Rs 2.33 lakh crore from Rs 2.10 lakh crore in the revised estimates.
On indirect taxes, another official said, “We are expecting a reduction in customs duty.”
Mop-up from customs duty was reduced in the latest budget as the target was reduced to Rs 2.10 lakh crore from Rs 2.13 lakh crore estimated earlier for the fiscal year ending March 2023.
GST collection in the next financial year is estimated to increase by 12 percent to Rs 9.56 lakh crore. In the current financial year, the GST collection is pegged at Rs 8.54 lakh crore in the Revised Estimates.
A third official said GST revenue also looks much higher in March with the combined rate for central GST and compensation cess at Rs 86,000 crore. The revenue from CGST and Cess usually comes to around Rs 60,000-63,000 crore every month
Including both direct and indirect taxes, gross tax collections are expected to grow by 10.45 per cent to Rs 33.61 lakh crore in 2023-24. In the current financial year, the Revised Estimates gross tax revenue is estimated to be Rs 30.43 lakh crore.
The Central Board of Direct Taxes (CBDT) said last week that net direct tax collections so far this fiscal rose by 17 per cent to Rs 13.73 lakh crore, which is 83 per cent of the revised target for the full fiscal.
The growth in direct tax collections, which include personal income tax and corporate tax, was driven by PIT collections.
The collection on a gross basis increased by 22.58 per cent to Rs 16.68 lakh crore. Refunds worth Rs 2.95 lakh crore have been issued during April 1, 2022 to March 10, 2023, which is 59.44 per cent higher than the refunds issued during the same period last year.
Direct tax collections, net of refunds, are Rs 13.73 lakh crore, an increase of 16.78 per cent over the net collections for the same period last year.


- Advertisement -

More News

Latest NEWS

- Advertisement -