Economic Survey 2023: Gross tax mop-up already at 65% of target, CEA points to reforms

As India steers itself on the growth path amid various challenges, Chief Economic Advisor V. Anantha Nageswaran said in the Economic Survey 2023 that the “substantial reforms” in India's taxation ecosystem post-2014 have removed the distortionary incentives from the economy. Tax revenue buoyancy has been sustained over the last two years, the survey said.

According to the survey, gross tax revenues have already reached 65 percent of the budgetary estimate at Rs 17.81 lakh crore during the first eight months of the current fiscal till November.

The survey said the growth in gross tax revenues mostly came from corporate and personal income tax collections. The survey also lauded reforms like GST, corporate tax cuts, exemption of sovereign wealth funds and pension funds from taxes, and removal of dividend distribution tax for reducing the tax burden on individuals and businesses. This has pushed the much-desired growth, giving confidence to the business community, it noted.