Govt To Stick To Rs 33.61 Lakh Cr Tax Assortment Goal In Revised Estimate, No Case For Gas Tax Minimize: Official

NEW DELHI: The federal government is more likely to keep on with the budgeted estimate of complete tax assortment goal of Rs 33.61 lakh crore for present fiscal within the revised estimates, a senior finance ministry official mentioned on Monday.
“To date, direct tax assortment is up by about 20 per cent and oblique tax is greater by 5 per cent. We’ve got information until the eight months of the fiscal and often the collections are higher within the first half. So, in the mean time, we are going to keep on with the Finances numbers in our Revised Estimates (RE),” an official mentioned.
For 2023-24 (April-March), the Union Finances had pegged complete tax collections at Rs 33.61 lakh crore, up 10.1 per cent from Rs 30.54 lakh crore within the earlier yr.
Within the present fiscal, Rs 18.23 lakh crore is anticipated to be collected in direct taxes (private revenue tax and company tax), and Rs 15.38 lakh crore from oblique taxes (GST, Customs, excise).
The revised estimates for present fiscal’s income numbers can be introduced as a part of the vote on account or interim funds to be introduced by the Union finance minister on February 1, 2024, in Parliament.
Requested if there might be a reduce in taxes on petrol and diesel, the official mentioned the costs of brent crude have already cooled within the worldwide markets and there’s no case for a reduce in excise obligation on gas.
India relies on imports to satisfy almost 85 per cent of its oil wants and so benchmarks native gas charges to worldwide oil costs.
“When crude oil costs have been excessive, we reduce excise obligation. When costs have already cooled, the query of tax reduce is just not there. You possibly can ask for worth reduce (of petrol and diesel), however it won’t be due to reduce in taxes,” the official mentioned.
Brent crude costs stood at USD 76.40 a barrel within the futures market early on Monday.
Excise obligation on gas was final reduce in Could 2022 to chill inflation. The central excise obligation on petrol was then reduce by Rs 8 per litre and on diesel by Rs 6 per litre. (Companies)