Tax Collections Likely to Exceed Budgeted Target in FY22

Tax Collections Likely to Exceed Budgeted Target in FY22

In an interview with PTI, Revenue secretary Tarun Bajaj has informed that the government’s tax collection will exceed budget estimate this financial year. As the net direct tax collection till October closing is Rs 6 lakh crore. “After refunds also, we have touched almost Rs 6 lakh crore till October in direct taxes. It is looking good. Hopefully, we should exceed it, Bajaj added.

The government has budgeted a 9.5 per cent growth in tax collections at Rs 22.2 lakh crore for 2021-22 fiscal (April-March). In the last fiscal, the mop-up was Rs 20.2 lakh crore. Of this, revenues from direct taxes are estimated to be around Rs 11 lakh, including Rs 5.47 lakh crore from corporate tax and Rs 5.61 lakh crore from income tax.

Further, regarding GST he said, average monthly GST mop-up likely around Rs 1.15 lakh crore this fiscal. GST revenues are also good. It crossed Rs 1.30 lakh crore (in October).”Though we have given a lot of relief in indirect taxes in petrol, diesel and edible oil, also there are some sunset that have come in customs duty where the total benefit would be about Rs 75,000-80,000 crore, but still I think we should exceed the budgeted estimates on both direct and indirect taxes,” Bajaj                                                 said.

However, Customs collection in the current fiscal is budgeted at Rs 1.36 lakh crore, excise duty at Rs 3.35 lakh crore. Besides, Centre’s GST revenues, including compensation cess, are pegged at Rs 6.30 lakh crore.


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