Decline in tax revenue as compared to revised estimates

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Mumbai: The country's tax revenue in the ended financial year 2022-23 is still lower than the revised estimate. From the preliminary calculation, it appears that the collection of direct tax is Rs 50,000 crore lower than the estimate.

Sources in the Central Board of Direct Taxes said that out of the revised estimate of revenue through direct tax at Rs 16.50 lakh crore, Rs 15.97 lakh crore has been collected so far.

In direct taxes, the corporate income tax figure as on March 30 has been Rs 8.18 lakh crore, while in personal income tax this figure has been Rs 7.52 lakh crore.

In addition to direct taxes, income through indirect taxes is also seen to be less than estimated. A revised estimate of direct and indirect total revenue of Rs 30.43 lakh crore has been made in the ended financial year. Out of which Rs 27.11 lakh crore has been recovered. At the time of presentation of the budget, this figure was put at Rs 27.57 lakh crore.

In indirect taxes, the revenue through central GST has been Rs 6.57 lakh crore in the April-February period, while the revised estimate has been put at Rs 8.54 lakh crore. Revenue through excise and customs has also slowed down.

However, the collection of GST by the Center and the states together has been 16.46 lakh crores in April to February 2022-23.

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