Over 50% taxpayers may shift to new tax regime: Revenue secretary

"Goods and Services Tax (GST) growth is estimated at 12 per cent as we expect the economy to do better domestically. However, keeping excise and customs in mind, we lowered the overall target"

The government has not factored in the revenue forgone of Rs 35000 crore due to the tax changes in the FY24 Budget, revenue secretary Sanjay Malhotra said on Thursday. In an interview with Shrimi Choudhary and Asit Ranjan Mishra, Malhotra said the government doesn’t intend to do away with the old tax regime. Edited excerpts:

                

Have you been conservative in your revenue assumption in FY24?

For Budget purposes, it is always better to be realistic. Overall, revenue comprises both direct and indirect taxes pegged at 10.5 per cent growth which is in sync with