Gross tax collection is set to rise by 25 per cent to Rs 3,17,733 crore (Rs 3,177.33 billion) despite the relief given to the salaried class and agriculture sector.
Direct taxes -- income tax and corporate tax, along with service tax -- is expected to drive the Centre's revenue collection estimated at Rs 3,09,322 crore (Rs 3,093.22 billion) during 2004-05 compared to Rs 2,63,027 crore (Rs 2,630.27 billion) in the previous fiscal.
Capital receipts are budgeted at Rs 2,28,507 crore (Rs 2,285.07 billion) in 2004-05 compared to Rs 2,11,228 crore (Rs 2,112.28 billion).
Total receipts have been budgeted at Rs 5,37,829 crore (Rs 5,378.29 billion) for this fiscal compared to Rs 4,74,255 crore (Rs 4,742.55 billion) in the previous year.
Presenting the Budget, Finance Minister P Chidambaram put the gross tax collection at Rs 3,17,733 crore (Rs 3,177.33 billion) during 2004-05, while net collection after providing for surcharge and states share is estimated at Rs 2,33906 crore (Rs 2,339.06 billion), up by 25 per cent from Rs 1,87,539 crore (Rs 1,875.39 billion) in 2003-04.
On the direct tax front, Income tax mop up is budgeted at Rs 50,929 crore (Rs 509.29 billion), which is 25 per cent higher than Rs 40,269 crore (Rs 402.69 billion) raised in 2003-04.
Corporate tax collection is pegged at Rs 88,436 crore (Rs 884.36 billion) this fiscal, which is 40 per cent higher than Rs 62,986 crore (Rs 629.86 billion) in 2003-04.