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Tax collection to meet budget estimates in FY24: SBICaps
Mint Mumbai
|October 04, 2023
Tax collections are expected to meet the budget estimates for FY24 with higher income tax collections making up for a shortfall in excise duty revenue, SBICaps said in a report on Tuesday.
In its annual budget, the government set a tax collection target of 33.61 trillion for FY24, which is about 10% higher than the net tax collections in FY23.
The report titled 'Fiscal Position and Borrowing Update October 2023' said it anticipated a moderation in direct tax growth in October due to an uptick in tax refunds. However, robust tax collections are set to alleviate concerns regarding revenue falling short of budget estimates.
This story is from the October 04, 2023 edition of Mint Mumbai.
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