Key Points
The government is likely to stick to the budgeted estimate of total tax collection target of Rs 33.61 lakh crore for current fiscal in the revised estimates, a senior finance ministry official said on Monday.. "So far, direct tax collection is up by about 20 per cent and indirect tax is higher by 5 per cent..
So, at the moment, we will stick to the Budget numbers in our Revised Estimates (RE)," an official said...
In the current fiscal, Rs 18.23 lakh crore is expected to be collected in direct taxes (personal income tax and corporate tax), and Rs 15.38 lakh crore from indirect taxes (GST, Customs, excise)...
Asked if there could be a cut in taxes on petrol and diesel, the official said the prices of brent crude have already cooled in the international markets and there is no case for a cut in excise duty on fuel...
You can ask for price cut (of petrol and diesel), but it will not be because of cut in taxes," the official said.. Brent crude prices stood at USD 76.40 a barrel in the futures market early on Monday.. Excise duty on fuel was last cut in May 2022 to cool inflation..
You might be interested in
Govt to stick to Rs 33.61 lakh crore tax collection target in revised estimate, no case for fuel tax cut: Official
11, Dec, 23India Business News: The government is likely to stick to the budgeted estimate of total tax collection target of Rs 33.61 lakh crore for current fiscal in the revised est
Union Budget will need to balance fuel price cuts with an eye on consumption
31, Jan, 24With the Budget approaching, there is speculation about a possible cut in excise duty on petrol and diesel. However, the stabilization of global oil prices makes further reductions in fuel taxes unlikely. Oil Marketing Companies (OMCs) have seen enhanced marketing margins due to the softening of crude prices, which could warrant a fuel price cut. The fiscal deficit and the impact on state tax collections are important considerations.
Fiscal deficit touches 45 pc of full-year target in October
30, Nov, 23New Delhi, Nov 30 (PTI) The government’s fiscal deficit at the end of October touched 45 per cent of the full-year budget estimate, according to data released by the Controller General of Accounts (CGA) on Thursday. In actual terms, the fiscal deficit — the difference between expenditure and revenue — was Rs 8.03 lakh crore […]
Budget 2024: A likely fuel tax cut will support India's consumption
12, Jan, 24Union Budget 2024: The cut in excise duty on petrol/ diesel that the government had done last year was mainly in response to the spike in global crude oil prices. Since the peak of US$ 120/bbl touched in mid-2022, global crude oil prices have fallen by 50% to current level of US$ 80/bbl.
Net direct tax mop-up grows 16% to Rs 4.75 lakh crore so far this fiscal
10, Jul, 23The Income Tax department in a statement said the collection has touched 26.05 per cent of the total budget estimates of direct taxes for full 2023-24 fiscal of Rs 18.23 lakh crore.
Government to fall short on tax collection target of Rs 30.43 trn in FY23
12, Mar, 23The revised estimates RE for the current fiscal pegged gross tax revenues at Rs 3043 lakh crore higher than the budget estimates of Rs 2757 lakh crore
Budget at a Glance: From tax to capex, here's your 2-minute guide to become a Budget Pro
01, Feb, 24Budget at a Glance 2024: India's FM presented the Interim Budget for the next fiscal year. Tax slabs remain unchanged, no commitment to revdis. New housing scheme for the middle class. Capex target raised by 11.1%. Defense budget increased by 18%. Ayushman Bharat healthcare extended to workers. Hospitals to be set up in all districts. Vaccination for cervical cancer.
Interim Budget 2024: Buoyant tax collections open doors for increased budget allocation for social sector,
22, Jan, 24Budget 2024: The Indian government is expected to have more funds for farmers and social sector schemes in the upcoming interim budget, thanks to increased tax buoyancy. The focus will be on addressing issues faced by poorer sections, particularly in rural areas. Income tax and GST collections have been strong, with the total direct tax mop-up likely to exceed budget estimates by about Rs 1 lakh crore. However, there may be a shortfall in excise and customs duties collections.
India's April-July fiscal deficit at Rs 6.06 lakh crore, widens on-year to 33.9% of FY24 aim
31, Aug, 23India's fiscal deficit for the first four months widened from the same period a year earlier. Going ahead, while the government's decision to cut LPG cylinder prices is expected to have a limited fiscal impact, the calls to reduce petrol and diesel prices could affect the deficit. However, a surplus transfer of Rs 87,416 crore from the Reserve Bank of India has provided some cushion and also lifted India's non-tax revenues. India aims to narrow the fiscal gap to 5.9% of gross domestic product from 6.4% in the last financial year.