Union Budget 2021 | Tax revenue may grow 16.7%

The government on Monday projected a 16.67% growth in gross tax revenue in the next fiscal beginning April 1, at over ₹22.17 lakh crore.

The revised estimates of gross tax revenue for the current fiscal has been pegged at ₹19 lakh crore, lower than the ₹24.23 lakh crore budgeted earlier.

Economic Affairs Secretary Tarun Bajaj said, “our revenue figure is under-stated not overstated. We have taken nominal GDP at 14.4% and revenue growth at 16.7%. So the buoyancy is only 1.16. We are hopeful we will get more than this”.

In FY22, while the corporate tax collection is expected to grow 22.65% at ₹5.47 lakh crore, personal income tax is estimated to grow 22% to ₹5.61 lakh crore. Customs collection is projected to grow 21.43% to ₹1.36 lakh crore in the next fiscal.