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

General

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• Oct 29, 2022

  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 and local production of crude oil from July, the officials said.

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