The tax collections shortfall in the currently financial year is expected to be nearly Rs 2 lakh crore this financial year, CNBC-TV18 has learnt. This estimate is based on the bifurcation of direct tax and indirect tax shortfall.
Direct tax shortfall in the current financial year is estimated at Rs 1.5-1.8 lakh crore whereas indirect tax shortfall could range between Rs 30,000-60,000 crore.
The government is currently assessing the revenue impact of various tax relief proposals that are likely to be included in the Budget. The government, however, is betting on non-tax revenues to cushion its coffer.