More than two months left to complete the financial year
According to sources, there is a jump in income and corporate tax collection in the current financial year. Due to this, the total direct tax collection may be about Rs 1 lakh crore more than the budget estimate. The government had set a budget target of raising Rs 18.23 lakh crore from direct taxes for the financial year 2023-24. The tax collection under this item till January 10, 2024 was Rs 14.70 lakh crore, which is 81 percent of the budget estimate. There are still more than two months left for the completion of the financial year. On the GST front, the Central GST revenue is expected to be about Rs 10,000 crore more than the budget estimate of Rs 8.1 lakh crore. However, there is a possibility of a shortfall of about Rs 49,000 crore in excise duty and customs duty collections.