Government will exceed tax collection target in FY22: Revenue Secretary Tarun

Government will exceed tax collection target in FY22: Revenue Secretary Tarun

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 PTI, Bajaj said that excise duty on petrol and diesel and customs duty relief on edible oil will cost around Rs 80,000 crore this financial year, and the revenue department will start calculating the status of tax collections in December-December. Budget Estimate for the current financial year after Advance Tax No.

“Even after refunds, we have touched almost Rs 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 also some sunsets that have come into customs where the total profit will be around Rs 75,000-80,000 crore, but still I think we should Bajaj Said that the budget on both direct and indirect taxes is higher than the estimates.

The government has budgeted Rs 22.2 lakh crore for the fiscal year 2021-22 (April-March) with an increase of 9.5 per cent in tax collections. In the last financial year, the collection stood at Rs 20.2 lakh crore.

Of this, revenue from direct taxes is estimated to be around Rs 11 lakh, which includes Rs 5.47 lakh crore from corporate tax and Rs 5.61 lakh crore from income tax.

With regard to Goods and Services Tax (GST) revenue, Bajaj said that the November collections will also be a good number, but the December collections will be a bit weak. The pick-up in collections will be visible again in the March quarter.

“Revenue is looking good, GST revenue is also good. We crossed Rs 1.30 lakh crore (in October). This month, I think we should get a good GST number. It was Diwali, our GST revenue would change. Will be

“But, I think the run rate should not go below Rs 1.15 lakh crore. Overall, we should do well in GST, excise and customs, plus we will achieve our budget estimates. So, the total Together, we will be more than that,” Bajaj said.

In the current fiscal, customs duty collection is estimated to be Rs 1.36 lakh crore, excise duty at Rs 3.35 lakh crore. In addition, the Centre’s GST revenue, including compensation cess, has been pegged at Rs 6.30 lakh crore.

(Only the title and image of this report may have been reworked by Business Standard staff; the rest of the content is generated automatically from a syndicated feed.)

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