The government has estimated tax collection at Rs 22.2 lakh crore in the current financial year. This is an increase of 9.5 percent as compared to the previous financial year.
The government will exceed the target of tax collection in the current financial year 2021-22. Revenue Secretary Tarun Bajaj has expressed this hope. In the current financial year till October, the net direct tax collection of the government has been Rs 6 lakh crore. At the same time, the average GST collection per month during the financial year is around Rs 1.15 lakh crore.
Bajaj said that the government’s tax collection will be more than the budget estimate for the current financial year. In an interview, Bajaj said that reduction in excise duty on petrol and diesel and reduction in custom duty on edible oil will cost the exchequer about Rs 80,000 crore in the current financial year.
Tax collection of Rs 6 lakh crore till October
Bajaj said that the revenue department will start the calculation of tax collection vis–vis the budget estimate after the December advance tax figures are out. He said, “Even after the refund, our tax collection till October has reached around Rs 6 lakh crore. This is good. It is expected that we will exceed the budget estimate.”
Bajaj further said, “However, we have given a lot of relief in indirect tax on petrol, diesel and edible oil. This profit is around Rs 75,000 to 80,000 crore. Despite this, I am hopeful that we will exceed the budget estimate in both direct and indirect taxes.
Tax collection estimated at Rs 22.2 lakh crore in the current financial year
The government has estimated tax collection at Rs 22.2 lakh crore in the current financial year. This is an increase of 9.5 percent as compared to the previous financial year. The tax collection in 2020-21 was Rs 20.2 lakh crore. The share of direct tax in the total tax collection is estimated to be Rs 11 lakh crore.
This includes Rs 5.47 lakh crore corporate tax and Rs 5.61 lakh crore income tax. Regarding GST, Bajaj said that the collection of November has been good, but the figure for December will be slightly less. GST collection will increase again in March quarter.
Good GST collection
Bajaj said, “GST collection is good. In October, we crossed the Rs 1.30 lakh crore mark. This month also our numbers will be good because of Diwali. In the current financial year, the target of custom duty collection is Rs 1.36 lakh crore and the target of excise duty collection is Rs 3.35 lakh crore. Apart from this, the GST revenue (including compensation cess) of the Center is estimated to be Rs 6.30 lakh crore.
Bajaj said, “GST collection is good. In October, we crossed the Rs 1.30 lakh crore mark. This month also our numbers will be good because of Diwali. In the current financial year, the target of custom duty collection is Rs 1.36 lakh crore and the target of excise duty collection is Rs 3.35 lakh crore. Apart from this, the GST revenue (including compensation cess) of the Center is estimated to be Rs 6.30 lakh crore.
