The Central Board of Direct Taxes (CBDT) held a high-level meeting yesterday to review the revenue performance of FY 2022–2023 under the direct tax category that includes income tax and corporate tax.
Officials said the CBDT Chairman Nitin Gupta and other members of the policy-making body of the Income Tax Department attended the meeting to review the performance of revenue so far. The meeting was done as a part of a revenue maximisation exercise ahead of the Union Budget 2023–2024.
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As per sources, the meeting also discussed growth in tax revenues and the high tax buoyancy that will help surpass the budget estimates.
Direct tax collections, which include personal and corporate taxes, are expected to be close to Rs 17.50 lakh crore in the current fiscal. The mop-up from indirect taxes (customs, excise, and GST) would be close to Rs. 14 lakh crores. The centre is expecting that total tax collection will be about Rs 31.50 lakh crore, versus Rs 27.50 lakh crore as pegged in the last Union budget.
The meeting also discussed strategies that need to be adopted to record data related to individuals involved in tax evasion and to assess if there is any web of black money transactions that are being dealt with through cryptocurrency or any other form of digital assets.
