Quick Summary
The Centres direct tax revenues may rise 25-30% on year, allowing it to net an additional Rs 2.5 trillion over the budget estimate (BE) after the mandatory devolution to states, a senior finance ministry official said. The extra receipts would give a cushion to the government, which is looking at an
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FAQ :
The Centre's direct tax revenue is expected to exceed the budget estimate by approximately Rs 2.5 trillion, representing a 25-30% increase on the year.
The rise is attributed to factors such as slowing direct tax refunds in the latter half of the fiscal year, robust corporate earnings driven by inflation, and increased efforts to address tax evasion.
Yes, indirect tax collections are also expected to see a marginal increase over the budget estimate, with Goods and Services Tax (GST) collections potentially exceeding the target by Rs 1 trillion.
Despite excise duty cuts on petrol and diesel announced in May, which may result in a revenue loss of Rs 60,000-70,000 crore, indirect tax receipts are still projected to be slightly higher than budgeted.
Yes, the income tax department is actively pursuing tax evaders, including individuals involved in online gaming who have made significant gains but not paid taxes. Notices have been sent to approximately 50,000 individuals.
The additional tax receipts provide a financial cushion for the government, helping to offset increased spending obligations such as subsidies for food and fertilisers, and a one-time grant to oil marketing companies.
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