Budget 2023-24: FY24 direct tax target likely to see 14-17% increase

Centre's FY23 mop-up may top BE by Rs 1-1.5 trn

The Centre may keep its ambition for growth in direct taxes moderate for FY24 with inflation expected to ease substantially in the next financial year, amid buoyant tax receipts in FY23.

According to a preliminary internal assessment, the finance ministry, which is working on Revised Estimates (RE) for the current fiscal year (FY23) and Budget Estimates (BE) for FY24 as part of the Budget-making exercise, is looking at pegging 14-17 per cent growth in direct taxes for FY24 over Rs 14.2 trillion BE of FY23.

“The internal assessment is ongoing as part of the Budget-making exercise. The target depends on nominal