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Tax Collection Estimate: Even though the central government had increased the revenue estimates this year with great hope, but now it is finding difficult to achieve. Government officials say that in the current financial year (FY23), the total revenue collection, including Direct Tax Collection and Indirect Tax Collection, is expected to be less than estimated.
The government hopes
In a news of news agency PTI, this thing has been said by quoting a government official. While presenting the budget in February, the government had increased the estimate of revenue collection for the current financial year to Rs 30.43 lakh crore. This was a sharp increase of more than 10 per cent in the estimate of revenue collection. Earlier, the government had estimated the revenue collection to be Rs 27.57 lakh crore in the current financial year.
Direct tax collection can remain so low
According to a senior government official, the revised estimate was much higher. We have a feeling that we will be behind the estimate. Regarding direct tax, the official said that the total collection in this case can be between Rs 15 to 15.50 lakh crore. Although the government had estimated to collect Rs 16.50 lakh crore from direct tax. The government had expressed hope that the direct tax collection in the current financial year could be about 17 per cent higher as compared to Rs 14.20 lakh crore in the financial year 2021-22. The revenue received from direct tax includes the figures of both income tax and corporate tax.
Government Estimates of Direct Tax Collection
According to the revised estimate of the government, 8.35 lakh crore rupees can be received from corporate tax in the current financial year. Not only this, but the government is expected to increase the corporate tax collection by 10.4 percent to Rs 9.22 lakh crore in the next financial year. On the other hand, in the case of personal income tax, the government is estimated to get Rs 8.15 lakh crore in the current financial year. The government feels that it can increase by 10.4 percent to cross Rs 09 lakh crore in the next financial year.
Custom duty expected to be so low
In the matter of indirect tax, another government official has expressed apprehension of being left behind on the custom duty front. The government has also reduced the estimate of tax collection from custom duty for the current financial year in the budget to Rs 2.10 lakh crore, which was earlier expected to be Rs 2.13 lakh crore. However, the government is expecting an 11 per cent increase in revenue collection from custom duty to Rs 2.33 lakh crore as compared to the revised estimate.
GST can also cause disappointment
According to the revised estimates, the government is expected to get Rs 8.54 lakh crore from GST i.e. Goods and Services Tax in the current financial year. The government feels that this collection can increase by 12 percent to reach Rs 9.56 lakh crore in the next financial year. However, a third government official has expressed the possibility of disappointment here too.
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