Budget 2023: It may be difficult to maintain direct tax growth in the financial year 2023-24

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New Delhi : The last budget before the election year will be presented in the Lok Sabha on February 1. The possibility is being expressed that in this budget, along with making populist announcements, the government may also emphasize on revenue collection, but apprehension is being expressed that in the coming financial year 2023-24, the growth of direct tax collection will not be maintained. In this, the government may have to face difficulties. According to news agency Bhasha news quoting government sources, due to global slowdown and high base effect, it may be difficult to maintain the current growth rate of 19.5 percent in income tax and corporate tax collection in the next financial year 2023-24. Could.

Direct tax collection crossed the budget target

According to the report of the agency, in the current financial year 2022-23, a record rate of increase has been recorded in the net direct tax collection collected as personal income tax and corporate tax. It has also crossed the tax collection target set in the budget for the financial year 2022-23. In the current financial year, till the date of January 10, the net direct tax collection has increased by 19.55 percent to Rs 12.31 lakh crore. This is 86.68 percent of the estimated tax collection for the entire financial year, while two and a half months are still left for the completion of the financial year.

Sound of global economic slowdown in the budget

The agency’s report said that, however, the impact of the global economic slowdown can be seen in the budget to be presented on February 1 for the financial year 2023-24. Government sources said that it would be difficult to maintain the current tax hike of 19.5 per cent in this budget. The source said that it would be difficult to maintain the growth rate of 19.5 per cent in net direct tax in the financial year 2023-24. He said that there could be a decline in income tax collection in view of the threat of global recession.

GDP growth estimated to be 7 percent

According to the estimates made by various domestic and foreign financial institutions before the budget, the country’s real GDP (gross domestic production) growth rate in the current financial year 2022-23 could be seven percent. However, at current prices this increase is estimated to be 15.4 per cent. Economists believe that India’s real growth rate in the next financial year could be 6-6.5 percent.

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