The symbol for the Indian Rupee
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The Interim Budget 2024 is slated to be presented on February 1.
Ahead of the Budget that comes with Lok Sabha polls around the corner, here's a look at the government's estimated revenues as outlined in the 2023-24 Budget:
In the fiscal year 2023-24, the projected receipts, excluding borrowings, were expected to reach Rs 27,16,281 crore, indicating an 11.7 per cent increase compared to the revised estimate of 2022-23.
The budgeted gross tax revenue was set to rise by 10.4 per cent over the revised estimates of the previous year, aligning closely with the estimated nominal GDP growth of 10.5 per cent for 2023-24.
Both corporate tax and income tax were anticipated to increase at the same rate as the nominal GDP, which is 10.5 per cent. The total indirect tax collections were estimated to amount to Rs 15,29,200 crore in 2023-24. Income tax collection was also expected to surpass the budget estimate for 2022-23 by 16.4 per cent.
Excise duties, primarily imposed on petroleum products, were projected to increase by 5.9 per cent in 2023-24. GST revenue, on the other hand, was budgeted to experience a higher growth rate of 12 per cent.
The net tax revenue of the central government, excluding states' share in taxes, was estimated to be Rs 23,30,631 crore in 2023-24, representing an 11.7 per cent increase over the revised estimates for 2022-23.
In the fiscal year 2023-24, the estimated non-tax revenue was projected to reach Rs 3,01,650 crore, indicating a 15.2 per cent increase compared to the revised estimate of 2022-23.
Capital receipts, excluding borrowings, were targeted at Rs 84,000 crore, representing a slight 0.6 per cent increase over the revised estimates.
Non-tax revenue primarily comprises interest receipts on loans provided by the central government, dividends, license fees, tolls, and charges for government services. The lower dividend receipts in 2022-23, primarily due to a decrease in dividends from the Reserve Bank of India, resulted in a deviation from the original budget. However, in 2023-24, non-tax revenue was expected to grow by 15 per cent compared to the revised estimates of 2022-23.
The disinvestment target for 2023-24 was set at Rs 51,000 crore, representing a marginal 2 per cent increase over the revised estimate of 2022-23, which was Rs 50,000 crore.
(With inputs from PRS Budget Analysis)