Govt set to exceed budgeted tax collection target of Rs 22.2 lakh cr for this fiscal: ICRA
Icra Ratings has said the government is set to exceed the budgeted tax collection target of 22.2 lakh crore rupees for this fiscal, led by indirect taxes.
The government has budgeted a modest 9.5 percent growth in tax collections at 22.2 lakh crore rupees for this financial year, over last year’s collections of 20.2 lakh crore rupees. However, despite the second wave of the pandemic, the April to June quarter tax collections rose to 5.6 lakh crore rupees, which shows a handsome growth of 39 percent, year-on-year.
The first quarter is traditionally moderate for tax collection, as the economic activity remains tepid.