On the back of robust tax collection, the ratio of direct taxes to gross domestic product (GDP) this financial year is likely to be the highest in this century so far.

       This, along with strong goods and services tax (GST) collection, may drive up receipts from central taxes as a proportion of GDP to the highest level or close to the highest since 2008-09 despite subdued excise and customs duty receipts.

       This will be due also to lower nominal GDP projected in the first advance estimates for 2023-24.

       Ratings agency ICRA has estimated direct tax collection will overshoot the Budget Estimates (BE) by

       Also Read

       Interim Budget: All you need to know about the budgets during election year

       Budget 2024: Key announcements made in previous interim budget in 2019

       Parliament session from January 31, FM to present Interim Budget on Feb 1

       India's gross GST collections in December jumps 10.3% to Rs 1.64 trillion

       Interim Budget 2024: Date, time and halwa ceremony; all you need to know

       Kerala govt agrees to discuss financial problems of state in Assembly

       Unanimity among current RBI monetary policy committee's internal members

       Likely surge in prices due to Red Sea attacks, says finance ministry report

       Green policy pragmatism shaping India's transition: FinMin economy review

       FY25 likely to see 7% growth: Finance ministry ahead of Interim Budget