Good news for the central government! Tax collection will be more than the target in the current financial year

Tax Collection: The government will exceed the tax collection target in the current financial year 2021-22. Revenue Secretary Tarun Bajaj has expressed this hope. In the current financial year till October, the government’s direct tax collection has been Rs 6 lakh crore. At the same time, the average Goods and Services Tax collection (GST collection) during the financial year is around Rs 1.15 lakh crore.

Collection will be more than expected
Bajaj said in an interview to PTI-Bhasha that the tax collection of the government will be more than the budget estimate for the current financial year. He said that excise duty cut on petrol and diesel and reduction in customs duty on edible oil will cost the exchequer about Rs 80,000 crore in the current financial year.

Collection reached Rs 6 lakh crore
Bajaj said 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. Hopefully we will exceed the budget estimate.

Great relief in indirect taxes
Bajaj said, “However, we have given considerable relief in indirect taxes 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.

Estimates of Rs 22.2 lakh crore
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 taxes 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.

Good tax collection in November
Regarding Goods and Services Tax, Bajaj said that the November collection has been good, but the December figure will be slightly lower. GST collection will increase again in March quarter. Bajaj said, “GST collection is good. In October, we crossed the Rs 1.30 lakh crore mark. This month also our figure will be good because of Diwali.

Estimated to be Rs 6.30 lakh crore
He said that the ‘run rate’ of GST collection will not go below Rs 1.15 lakh crore. The target of customs duty collection in the current financial year 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.

Read also:
The government gave a blow! From the new year, clothes and footwear will become more expensive, this big change has happened

Ration Card: Important news for ration card holders! Now this certificate will have to be shown to get ration, otherwise you will not get food grains