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Financial services secretary Ajay Seth has said the total revenue from corporate and excise tax collections is expected to be in line with budget estimates for the current fiscal year (FY24). Corporate tax, which is the second largest component of direct taxes after personal income tax, as well as excise duty collections, declined by 10.4 per cent during the first four months of the ongoing fiscal.

This comes against an over 14 per cent plunge in tax mop-up in the first quarter as against an over 26 per cent jump in the in the year-ago period. He allayed concerns of a fall in annual tax collections, saying one should look at a longer-time frame when it comes to tax mop-up.  

He stated ‘We should not look at a few months' data and try to find a long term trend in that instead we should wait for at last another quarter to see long-term trend or data to reach a conclusion. My sense is that whatever numbers are there in budget estimates and revenues, those will be realized.’