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The Centres indirect tax revenues - before devolution to states - may exceed the budget estimate (BE) for the current fiscal by around Rs 50,000 crore, as higher goods and services tax (GST) revenues will more than offset a shortfall in excise revenues, sources told FE. While Central GST collections could exceed the budget target for FY23 by about Rs 1 trillion, excise duty collections may fall short of the Budget estimate (BE) by Rs 40,000-50,000 crore. The excise shortfall could be much
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FAQ :
Indirect tax receipts are expected to exceed the budget estimate by around £50,000 crore.
Higher Goods and Services Tax (GST) revenues are the primary driver, more than offsetting a shortfall in excise revenues.
Excise duty collections may fall short of the Budget estimate by £40,000-50,000 crore, but this shortfall is expected to be less than initially estimated.
Additional revenues are expected from windfall taxes on petroleum products and an increase in domestic diesel sales.
An additional basic excise duty of £2 per litre on the sale of unblended motor spirit was implemented from November 1.
The Centre may garner about £30,000-40,000 crore from windfall taxes on petroleum products.
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