Tax collections to exceed budget estimates in 2022-23.
Domestic tax collections will surpass 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.
Tax collection target for the current fiscal is pegged at Rs. 27.50 lakh crore.
Government also said 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, officials 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.
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