Tax collection much better than budget estimate
When asked about the situation on the revenue front, Garg said that income tax collection will be much better than the budget estimate. GST is in line with the target. The performance of Customs and Excise has certainly been poor. But non-tax revenue will be higher than the budget estimate due to higher dividends from RBI (Reserve Bank of India) and PSUs (Public Sector Undertakings). Disinvestment earnings have disappointed quite a bit. Overall, non-debt receipts are likely to remain in good shape for additional expenditure. According to sources, there is a surge in income tax and corporate tax collections 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.
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