Customs collections are seen on target. Since a lot of accounting flexibility is available for the Centre on the GST front due to the floating I-GST account, an estimate of Central GST mop-up at this stage is prone to corrections. Of course, there is no shortfall seen on this account.
The Centre may rake in additional net tax receipts of around Rs 90,000 crore in FY21 over the revised estimate (RE) of Rs 13.4 lakh crore, due to higher mop-ups from corporate and personal-income taxes. It may also get an additional Rs 30,000 crore from ‘Union excise duties’ net of transfers to the states.
According to an FE analysis, gross (pre-devolution) corporate tax receipts in the current financial year could be as high as Rs 5.75 lakh crore, as against RE of Rs 4.46 lakh crore. The estimate is based on revenues gathered in April-January period and assumptions of likely revenues in the last two months of the fiscal based on historical patterns.
News Source:- Financial Express
