Financial Insights

Government to exceed FY22 tax collection target, direct tax mop-up at INR Six lakh crore till October: Revenue secretary

With the net direct tax collection till October closing in on Rs 6 lakh crore and average monthly GST mop-up likely around Rs 1.15 lakh crore this fiscal, the government’s tax collection kitty will surpass budget estimates this financial year, Revenue Secretary Tarun Bajaj said.

In an interview with PTI, Bajaj said the relief in excise duty on petrol and diesel and customs duty on edible oil will cost the exchequer about Rs 80,000 crore this financial year, and the revenue department will start calculating the tax mop-up position vis-a-vis budget estimates for this fiscal after the December advance tax number.

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