The government has budgeted a 9.5% increase in tax collection to 22.2 lakh crore for the fiscal year 2021-22
Revenue Secretary Tarun Bajaj said the net direct tax collection till October is Rs 6 lakh crore and the average monthly GST collection is likely to be around Rs 1.15 lakh crore in this fiscal.
in an interview with PTIMr Bajaj said the relief from excise duty on petrol and diesel and customs duty on edible oil will cost around Rs 80,000 crore this fiscal, and the revenue department will start calculating the tax collection position. Budget estimates for this fiscal year after December advance tax no.
“Even after refunds, we have touched almost ₹6 lakh crore in direct taxes till October… It is looking good. Hopefully, we should cross it.
“Though we have given a lot of relief in indirect taxes in petrol, diesel and edible oil, there are some sunsets that have come into customs where the total profit will be around 75,000-80,000 crores, but still I think we need direct and The budget on both indirect taxes is higher than the estimates,” Mr. Bajaj said.
The government has budgeted Rs 22.2 lakh crore for the fiscal year 2021-22 (April-March) with an increase of 9.5% in tax collections. In the last financial year, the collection was ₹20.2 lakh crore.
Of this, revenue from direct taxes is estimated to be around ₹11 lakh, which includes ₹5.47 lakh crore from corporate tax and ₹5.61 lakh crore from income tax.
With regard to Goods and Services Tax (GST) revenue, Mr. Bajaj said that November collections will also be good numbers but December collections will be a bit lighter. The pick-up in collections will be visible again in the March quarter.
“Revenue is looking good, GST revenue is also good. We crossed 1.30 lakh crore (in October). This month, I think we should get a good GST number. It was Diwali, our GST revenue will keep changing. “
“But, I think the run rate should not go below ₹1.15 lakh crore. Overall, we should do well in GST, excise and customs, plus we will achieve our budget estimates. So, overall , we will exceed it,” said Mr. Bajaj said.
The budget for customs duty collection in the current financial year is ₹1.36 lakh crore, excise duty ₹3.35 lakh crore. In addition, the Centre’s GST revenue, including compensation cess, has been pegged at Rs 6.30 lakh crore.
,