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Indias Direct Tax Revenues Set to Outperform Expectations, Bolstering Fiscal Resilience in Post-Pandemic Era In a surprising turn of events, Indias direct tax receipts are poised for a robust performance for the third consecutive year since the pandemics onset, offering a much-needed financial cu
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FAQ :
The Centre's gross direct tax collections are projected to surpass the budget estimate by a significant Rs 1 trillion for the fiscal year 2023-24. Some financial experts estimate this figure could be even higher, reaching up to Rs 1.3 trillion.
Indirect tax revenues are generally on track, but there's a possibility of meeting or slightly missing the budget estimate for FY24, especially if there are cuts in excise duty on petrol and diesel before the general elections.
Finance Minister Nirmala Sitharaman has urged tax officers to maintain a growth rate of around 17% in direct tax collections for FY24, mirroring the previous year's achievement.
In the fiscal year 2022-23, the Centre's direct tax collections reached Rs 16.67 trillion, exceeding the budget estimate by Rs 2.47 trillion.
The government is well-positioned to handle additional expenses due to anticipated higher non-tax revenues and savings under various schemes, without breaching the fiscal deficit target of 5.9%.
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