{"id":7018,"date":"2023-12-11T10:17:37","date_gmt":"2023-12-11T10:17:37","guid":{"rendered":"https:\/\/jammubulletin.com\/site\/?p=7018"},"modified":"2023-12-11T10:17:37","modified_gmt":"2023-12-11T10:17:37","slug":"govt-to-stick-to-rs-33-61-lac-cr-tax-collection-target-in-revised-estimate-no-case-for-fuel-tax-cut-official","status":"publish","type":"post","link":"https:\/\/jammubulletin.com\/site\/govt-to-stick-to-rs-33-61-lac-cr-tax-collection-target-in-revised-estimate-no-case-for-fuel-tax-cut-official\/","title":{"rendered":"Govt To Stick To Rs 33.61 Lac Cr Tax Collection Target In Revised Estimate, No Case For Fuel Tax Cut: Official"},"content":{"rendered":"<p>NEW DELHI, Dec 11: The <a href=\"https:\/\/jammubulletin.com\/site\/govt-needs-an-excuse-to-put-us-under-house-arrest-claims-omar\/\">government<\/a> is likely to stick to the budgeted estimate of total tax collection target of Rs 33.61 lakh crore for current fiscal in the revised estimates, a senior finance ministry official said on Monday.<br \/>\n\u201cSo far, direct <a href=\"https:\/\/jammubulletin.com\/site\/average-monthly-gst-mop-up-at-%e2%82%b91-66-lac-cr-so-far-this-fiscal-sitharaman\/\">tax<\/a> collection is up by about 20 per cent and indirect tax is higher by 5 per cent. We have data till the eight months of the fiscal and usually the collections are better in the first half. So, at the moment, we will stick to the <a href=\"https:\/\/jammubulletin.com\/site\/pm-doesnt-say-a-word-about-caste-census-rahul-reiterates-caste-census-vow-in-mp\/\">Budget<\/a> numbers in our Revised Estimates (RE),\u201d an official said.<br \/>\nFor 2023-24 (April-March), the Union Budget had pegged total tax collections at Rs 33.61 lakh crore, up 10.1 per cent from Rs 30.54 lakh crore in the previous year.<br \/>\nIn the current fiscal, Rs 18.23 lakh crore is expected to be collected in direct taxes (personal income tax and corporate tax), and Rs 15.38 lakh crore from indirect taxes (GST, Customs, excise).<br \/>\nThe revised estimates for current fiscal\u2019s revenue numbers would be presented as part of the vote on account or interim budget to be presented by the Union finance minister on February 1, 2024, in Parliament.<br \/>\nAsked if there could be a cut in taxes on petrol and diesel, the official said the prices of brent crude have already cooled in the international markets and there is no case for a cut in excise duty on fuel.<br \/>\nIndia is dependent on imports to meet nearly 85 per cent of its oil needs and so benchmarks local fuel rates to international oil prices.<br \/>\n\u201cWhen crude oil prices were high, we cut excise duty. When prices have already cooled, the question of tax cut is not there. You can ask for price cut (of petrol and diesel), but it will not be because of cut in taxes,\u201d the official said.<br \/>\nBrent crude prices stood at USD 76.40 a barrel in the futures market early on Monday.<br \/>\nExcise duty on fuel was last cut in May 2022 to cool inflation. The central excise duty on petrol was then cut by Rs 8 per litre and on diesel by Rs 6 per litre. (Agencies)<\/p>\n<figure id=\"attachment_7019\" aria-describedby=\"caption-attachment-7019\" style=\"width: 300px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-7019\" src=\"https:\/\/jammubulletin.com\/site\/wp-content\/uploads\/2023\/12\/Screenshot-2023-12-11-at-3.46.19-PM-300x164.png\" alt=\"Govt To Stick To Rs 33.61 Lac Cr Tax Collection Target In Revised Estimate, No Case For Fuel Tax Cut: Official\" width=\"300\" height=\"164\" \/><figcaption id=\"caption-attachment-7019\" class=\"wp-caption-text\">Govt To Stick To Rs 33.61 Lac Cr Tax Collection Target In Revised Estimate, No Case For Fuel Tax Cut: Official<\/figcaption><\/figure>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>NEW DELHI, Dec 11: The government is likely to stick to the budgeted estimate of total tax collection target of Rs 33.61 lakh crore for current fiscal in the revised estimates, a senior finance ministry official said on Monday. \u201cSo far, direct tax collection is up by about 20 per cent and indirect tax is [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[67,89],"tags":[],"class_list":["post-7018","post","type-post","status-publish","format-standard","hentry","category-header","category-national"],"gutentor_comment":0,"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Govt To Stick To Rs 33.61 Lac Cr Tax Collection Target In Revised<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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