Tax mop-up may top target by Rs2.5 million

The central government is likely to exceed the budgeted tax collection target of Rs 22.2 trillion for the current fiscal year led by better indirect tax mop-up compliance measures and recovery in most sectors following the second wave of the Covid pandemic. It according to experts may overshoot the target by Rs 2.5 trillion.

Personal income and corporate tax collections grew 74 per cent to Rs 5.70 trillion in the first half of the current financial driven mainly by advance tax and TDS payments. The target for the current fiscal year is Rs 11.08 trillion higher taxes are paid usually towards the end of fiscal year.

The goods and service tax mop-up is expected to remain  above the Rs 1.1 trillion mark a month as the festive season is set to see an improvement in consumer spending. Besides a sharp increase in duty on petrol and diesel continued to keep excise revenue on an upswing.

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