New Delhi 29/12: For the first time ever, the Centre may exceed its tax collection target for the current financial year by a broad margin and therefore see a significant fall in the fiscal deficit, a number that is watched closely by almost every stakeholder in the economy and lends credibility to the government’s finances.
The tax revenues are expected to do better even when compared with the pre-Covid year of 2019-20.
The tax collection target for fiscal 2021-22 ending March 31 next year was set at Rs 22.2 lakh crore. The official data shows the tax collected to date (both direct and indirect taxes) stands at nearly Rs 19 lakh crore.
With four months still remaining for the tax revenues to be collected in the current financial year, the tax revenue collection is likely to exceed the target by a wide margin