Budget pegs 11 pc growth in gross tax revenues

New Delhi, Feb 1 (PTI) The Budget on Saturday pegged gross tax receipts of Rs 42.70 lakh crore for the next fiscal, an 11 per cent growth over the revised estimates for the current year.

The revised estimates for the current fiscal has pegged gross tax revenues at Rs 38.44 lakh crore, higher than Rs 38.40 lakh crore provided in the Budget Estimates (BE).

In the current fiscal, income from corporate taxes will lag budget estimates, while that from personal tax is projected to be higher than BE.

Personal income tax is projected at Rs 12.57 lakh crore, while corporate tax is at Rs 9.80 lakh crore.

As per Budget data, personal income tax collections are projected to grow by 14.4 per cent to Rs 14.38 lakh crore in the 2025-26 fiscal beginning April 1.

Corporate taxes are projected to grow by 10.4 per cent to Rs 10.82 lakh crore in FY26.

GST revenue is estimated to increase 11 per cent to Rs 11.78 lakh crore (including Central GST and compensation cess).

The FY26 Budget pegged miscellaneous capital receipts (including disinvestment and asset monetisation) of Rs 47,000 crore, higher than Rs 33,000 crore in the revised estimates for the current fiscal. PTI JD DR

Source: PTI