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As per sources within the Finance Ministry, the Centre is likely to maintain its original budgeted estimate of ₹22.07 lakh crore for direct tax collection when it revises estimates in February. Despite a slower-than-expected rise in corporate tax collection, the government anticipates strong personal income tax collection to bridge the gap. Data till October 10 reveals an 18.3% year-on-year increase in net direct tax collection, reaching ₹11.25 lakh crore. Corporate tax collection saw an 11.26%
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FAQ :
Sources indicate the Centre is likely to maintain its original budgeted estimate of ₹22.07 lakh crore for direct tax collection in its revised projections.
The government expects strong personal income tax collection to compensate for a slower-than-expected increase in corporate tax revenue.
Up to October 10, corporate tax collection saw an 11.26% year-on-year increase, reaching ₹4.94 lakh crore, which is below the budgeted growth target of 12%.
Personal income tax collection has surged to ₹5.98 lakh crore and is positioned to potentially exceed its target by ₹1.3 lakh crore.
An official stated that December's tax data will provide greater clarity on the final tax collection scenario.
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