February 12, 2025
Govt to stay to Rs 33.61 lakh crore tax assortment goal in revised estimate, no case for gasoline tax lower: Official

Govt to stay to Rs 33.61 lakh crore tax assortment goal in revised estimate, no case for gasoline tax lower: Official

The federal government is prone 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 this point, direct tax assortment is up by about 20 per cent and oblique tax is larger by 5 per cent. Now we have knowledge until the eight months of the fiscal and normally the collections are higher within the first half. So, in the meanwhile, we’ll keep on with the Finances numbers in our Revised Estimates (RE),” an official mentioned.

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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 predicted 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 price range to be introduced by the Union finance minister on February 1, 2024, in Parliament.

Requested if there could possibly be a lower 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 lower in excise responsibility on gasoline.

India depends on imports to fulfill almost 85 per cent of its oil wants and so benchmarks native gasoline charges to worldwide oil costs. “When crude oil costs have been excessive, we lower excise responsibility. When costs have already cooled, the query of tax lower just isn’t there. You’ll be able to ask for value lower (of petrol and diesel), however it won’t be due to lower in taxes,” the official mentioned.

Brent crude costs stood at USD 76.40 a barrel within the futures market early on Monday. Excise responsibility on gasoline was final lower in Might 2022 to chill inflation. The central excise responsibility on petrol was then lower by Rs 8 per litre and on diesel by Rs 6 per litre. Excise responsibility on gasoline was final lower in Might 2022 to chill inflation.

Story continues beneath Commercial