ICRA forecasts the government set to exceed this fiscal’s budgeted tax collection target

Business

Investment Information & Credit Rating Agency (ICRA) Limited expects the government is all set to exceed its target of budgeted tax collection of Rs 22.2 lakh crore led by indirect taxes in the current fiscal. Last year the government was successful in collecting 20.2 lakh crore rupees as tax and it looks forward to achiheve a modest growth of 9.5 per cent this fiscal to achieve Rs 22.2 lakh crore in tax collection.
ICRA has informed the April to June quarter has already witnessed Rs 5.6 lakh crore as tax collection despite the second wave of COVID-19 pandemic and it clearly shows a handsome 39 per cent year-on-year growth. In the first quarter the economic activity remains tepid hence tax collection in this quarter also remains moderate traditionally.

Leave a Reply

Your email address will not be published. Required fields are marked *