Direct Tax Collection Mop-Up At Rs.6 Lakh Crores Till Oct.
With the net direct tax collection till October closing in on Rupees 6 lakh crore and average monthly GST mop-up likely around Rupees 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 Rupees 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.
"The revenues are looking good, GST revenues are also good. We crossed Rupees 1.30 lakh crore (in October). This month, I think we should get a good GST number. This was Diwali, our GST revenue will keep changing.
"But, i think the run rate should not go below Rupees 1.15 lakh crore. Overall, we should do well in GST, excise duty and customs duty, also we will achieve our budgeted estimates. So, overall, we will exceed," Bajaj said.
"Though we have given a lot of relief in the indirect taxes in petrol, diesel and edible oil , though there are many downs in the custom duty where the total benefit is about 75000 to 85000 crore but I still think we will surpass the budget estimated in both direct and indirect taxes" Bajaj said.