💨 Abstract

The ICRA report predicts minor tax relief for personal income taxpayers in the upcoming Union Budget for FY2026, but notes that the impact on revenue collections will be insignificant, aiming for stable and predictable tax inflows. Direct tax collections are estimated to grow by 12%, driven by increased income and corporate tax revenues, while indirect taxes are projected to increase by 9% with GST collections rising by 10.5%.

Courtesy: theprint.in