In an interview with PTI, Bajaj said relief from excise duties on gasoline and diesel and customs duties on edible oil will cost the treasury about Rs 80,000 crore this fiscal year, and the department Revenue will begin calculating the tax catch-up position vis-à-vis the budget forecast for that tax after the December tax number advance.
“After the repayments also, we received almost Rs 6 lakh crore until October in direct taxes… This is looking good. Hopefully we should exceed it.
“Although we have given a lot of relief to indirect taxes on gasoline, diesel and edible oil, there has also been some slowdown in tariffs where the total profit would be around Rs 75,000 to 80,000 crore, but I still think we should exceed the budgeted estimates on direct and indirect taxes, ”Bajaj said.
The government has forecast a 9.5% growth in tax revenue to Rs 22.2 lakh crore for the 2021-22 fiscal year (April-March). In the last fiscal year, cleaning was Rs 20.2 lakh crore.
Of this amount, direct tax income is estimated at around Rs 11 lakh, of which Rs 5.47 lakh crore is corporate tax and Rs 5.61 lakh crore is income tax.
On Goods and Services Tax (GST) revenue, Bajaj said November collections will also be good numbers, but December’s cleanup will be little lukewarm. The recovery in collections will be visible again during the March quarter.
“Income looks good, GST income is also good. We crossed Rs 1.30 lakh crore (in October). This month I think we should get a good GST number. It was Diwali , our GST revenues will continue to change.
“But, I think the execution rate should not go below Rs 1.15 lakh crore. Overall, we should do well on GST, excise and customs duties, we will also meet our budgeted estimates. So overall we will exceed, ”Bajaj mentioned.
Customs collection in the current fiscal year is budgeted at Rs 1.36 lakh crore, excise duties at Rs 3.35 lakh crore. In addition, the Centre’s GST income, including compensation, is set at Rs 6.30 lakh crore.