India's total tax receipts likely to exceed Budget Estimate in FY24

Monthly GST mop-up in FY25 could be Rs 1.7-1.8 trillion

With the present momentum in direct tax and goods and services tax (GST) collections expected to sustain in the coming months, India’s total tax receipts in 2023-24 could exceed the Budget Estimate by a “considerable margin”, according to government sources.

These expectations, however, are based on the preliminary assessment as part of the government’s pre-Budget exercise. A clearer picture would emerge from data for advance tax payments for the third quarter in December, and GST collections for the April-December period.

Even as pre-Budget meetings are taking place at North Block, policymakers are still assessing tax collection projections for next financial