The government was likely to stick to the budgeted estimate of total tax collection target of Rs 33.61 lakh crore for the current financial year in the revised estimates, a senior Finance Ministry official said on Monday.

“So far, direct tax collection is up by about 20 per cent, and indirect tax is higher by 5 per cent. We have data till the eight months of the fiscal (financial year), and usually the collections are better in the first half. So, at the moment, we will stick to the Budget numbers in our Revised Estimates (RE),” the official added.

For 2023-24 (April-March), the Union Budget had pegged total tax collections at Rs 33.61 lakh crore, up 10.1 per cent from Rs 30.54 lakh crore in the previous year.

In the current financial year, Rs 18.23 lakh crore is expected to be collected in direct taxes (personal Income Tax and Corporate Tax), and Rs 15.38 lakh crore from indirect taxes (GST, Customs and Excise).

The revised estimates for the current financial year’s revenue numbers would be presented as a part of the Vote on Account or Interim Budget to be presented by the Union Finance Minister on February 1, 2024, in the Parliament.