Quick Summary
Even as the government takes a hit on revenue due to the recent excise and custom duty cuts on fuel and certain commodities, going by the preliminary indicators, revenue receipts in FY2022-23 may exceed the budget estimates on strong Goods and services tax (GST) collection for the year according to
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FAQ :
Yes, preliminary indicators suggest that revenue receipts in FY'2022-23 are likely to exceed budget estimates.
Strong Goods and Services Tax (GST) collections are a primary driver, expected to offset revenue losses from excise and customs duty cuts.
The revival in economic activity is expected to boost demand for goods and services, positively impacting revenue collection.
Sectors like tourism and hospitality are showing good growth and may return to pre-pandemic levels.
The government is working to bring down the share of indirect taxes in total revenue, as the Tax to GDP ratio is reckoned to be over 10 percent.
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