
Budget 2023: Revenue Challenges Preclude Meaningful Budget Tweaks
Unless government improves its tax revenue performance, and meets its disinvestment targets, there will be a shortfall.
Unless government improves its tax revenue performance, and meets its disinvestment targets, there will be a shortfall.
June fiscal deficit at ₹1.48 lakh cr. During April-March last year, fiscal deficit was ₹2,74,245 cr, 18.2% of FY22 target
The data available so far does not instil confidence with respect to GST achieving or is on course to achieve its key objectives, says India Ratings & Research.
Revenue secretary Tarun Bajaj says gross tax collections soared to a record high of ₹27.07 lakh crore in FY22.
Finance minister has gone for a sharp rise in capital expenditure to get the economy going while cutting down on subsidies and some social sector schemes.
Anti-evasion actions by tax authorities coupled with a digital push boosted GST collections, while high fuel taxes have added to the exchequer's revenues.