Govt likely to surpass FY23 tax collection goal by over $24 billion

India's union budget, due to be presented in February, will outline the federal spending plan for the coming fiscal year

income-tax department

India’s improving tax collections will help counter sluggish state asset sales: Officials

India is expected to surpass its tax collection goal by more than Rs 2 lakh crore ($24.3 billion) in the current fiscal year, according to two officials with knowledge on the matter.

Strong revenue receipts is giving Prime Minister Narendra Modi’s government leeway to contain the budget deficit within 6.4% of gross domestic product amid a ballooning subsidy bill, said the two officials. A finance ministry spokesperson declined to comment on the matter.

Steady collections and measures to reduce tax evasion are helping bolster revenue against a target of Rs 19.34 lakh crore rupees, they said. The government will likely collect this financial year an additional Rs 300 billion-400 billion rupees from windfall tax imposed on export of some fuels

First Published: Oct 28 2022 | 11:49 PM IST

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