DIRECT TAXES EXCEED BUDGET ESTIMATES

After a gap of three years, direct tax collections— which include corporate and personal income tax— have exceeded the Budget estimates for FY22, indicating economic recovery. The government has revised upwards the direct tax collection estimates for 202122 fiscal from Rs 11.08 lakh crore in Budget estimates (BE), to Rs 12.50 lakh crore in revised estimates (RE). As per the RE, the government expects to collect Rs 6.35 lakh crore from corporate taxes and Rs 6.15 lakh crore from personal income taxes.