The government on Wednesday forecast a 10.5 percent growth in corporate and personal income tax revenue to Rs 18.23 lakh crore in the next financial year. Revised estimates of current direct tax revenue are pegged at Rs 16.50 lakh crore, higher than budget estimates of Rs 14.20 lakh crore.

In the current fiscal year (2022-23), revenue from direct tax (which includes income and corporate taxes) is expected to increase by more than 17% compared to fiscal year 2021-22, when the collection was Rs 14.08 lakh crore.

In the current financial year, corporate tax revenue is expected to reach Rs 8.35 lakh crore. This is expected to increase by 10.4% to over Rs 9.22 lakh crore in the next financial year.

Personal income tax collections for this financial year are estimated at Rs 8.15 lakh crore and are expected to increase by 10.4% to over Rs 9 lakh crore next year.

Customs duty collections are expected to rise by 11% to Rs 2.33 lakh crore, up from Rs 2.10 lakh crore in the revised estimates.

GST collections are expected to increase by 12% in the next financial year to reach Rs 9.56 lakh crore. In the current financial year, revised estimates peg GST collection at Rs 8.54 lakh crore.

Taking both direct and indirect taxes, gross tax collection is expected to increase by 10.45% to Rs 33.61 lakh crore in 2023-24. In the current financial year, revised estimates peg the gross tax revenue at Rs 30.43 lakh crore.