Budget 2021: Govt targets gross tax revenue of Rs 22.17 lakh cr in FY’22

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February 01, 2021 8:45 PM

Union Budget 2021: Excise duty revenue has been pegged at Rs 3.35 lakh crore in 2021-22 fiscal, lower than Rs 3.61 lakh crore estimated this fiscal.

excise duty, budget 2021Excise duty revenue has been pegged at Rs 3.35 lakh crore in 2021-22 fiscal

The government on Monday projected a 16.67 per cent growth in gross tax revenue in the next fiscal beginning April 1, at over Rs 22.17 lakh crore.

The revised estimates of gross tax revenue for the current fiscal has been pegged at Rs 19 lakh crore, lower than the Rs 24.23 lakh crore budgeted earlier.

Economic Affairs Secretary Tarun Bajaj said “our revenue figure is under-stated not overstated. We have taken nominal GDP at 14.4 per cent and revenue growth at 16.7 per cent. So the buoyancy is only 1.16. We are hopeful we will get more than this”.

In 2021-22 fiscal, while the corporate tax collection is expected to grow 22.65 per cent at Rs 5.47 lakh crore, personal income tax is estimated to grow 22 per cent to Rs 5.61 lakh crore.

Customs collection is projected to grow 21.43 per cent to Rs 1.36 lakh crore in the next fiscal. In current fiscal, customs collection as per revised estimate stood at Rs 1.12 lakh crore.

Excise duty revenue has been pegged at Rs 3.35 lakh crore in 2021-22 fiscal, lower than Rs 3.61 lakh crore estimated this fiscal.

Centre’s GST revenues, including compensation cess, is pegged at Rs 6.30 lakh crore in the fiscal beginning April 1. It was Rs 5.15 lakh crore in the current fiscal.

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