India, Jan. 14 -- With less than three weeks to go before the Union Budget, the focus is on government revenues. Experts feel that the Exchequer may take a hit of INR 2,00,000 lakh crore due to the lower rates under GST 2.0, and zero tax on personal incomes up to INR 12,00,000. The fear is evident from the manner the excise duties on cigarettes and tobacco products were raised by 20-30 per cent before the Budget, and which will be applicable from February 1. Hence, there is a feeling that the finance minister may find it necessary to raise the taxes on the super-rich to make up for the difference, and keep revenues buoyant.

The buzz among the wealthy is that Nirmala Sitharaman may raise the surcharge on personal incomes above Rs 1 crore ...