New Delhi: With Net direct tax collection 6 lakh crore till October and closed on average monthly GST Likely to raise around Rs 1.15 lakh crore this fiscal, government’s tax collection kitty will exceed budget estimates for this financial year, Revenue Secretary Tarun Bajaj said.
In an interview to PTI, Bajaj said in relief Excise duty The customs duty on petrol and diesel and edible oil will cost around Rs 80,000 crore this fiscal, and the revenue department will start calculating the tax collection position after the December advance tax vis–vis the budget estimates for this financial year. Will give Number.
“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.
About goods and services Tax (GST) revenue, Bajaj said November collections will also be good numbers but 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 stay
“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.
In an interview to PTI, Bajaj said in relief Excise duty The customs duty on petrol and diesel and edible oil will cost around Rs 80,000 crore this fiscal, and the revenue department will start calculating the tax collection position after the December advance tax vis–vis the budget estimates for this financial year. Will give Number.
“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.
About goods and services Tax (GST) revenue, Bajaj said November collections will also be good numbers but 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 stay
“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.
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