Union Budget projects drop in tax receipts for Q4 FY21
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BusinessToday.In
Feb 06, 2021,
Updated Feb 06, 2021, 10:04 AM IST
According to Union Budget 2021-22 projections for this current fiscal, gross tax receipts for March 2021 would decline by 10.3 per cent.
Gross tax receipts projected for the March 2021 quarter is 10.3 per cent lower than their year-ago level. Income tax receipts are projected to shrink y-o-y by 8.3 per cent.
Corporate tax collections are projected to slump by 28.8 per cent to Rs 1.3 lakh crore in March 2021 quarter.
Income tax and customs duty collections started weakening from December 2019 quarter which was later joined by goods and services tax (GST) in March 2020 quarter. GST collection is projected to decline by 23 per cent in March 21 quarter.
Excise duty receipts are projected to grow by a robust 44.9 per cent in March 2021. Actual receipts increased by 87.3 per cent on Y-O-Y basis in Dec 2020.
Customs duty on the other hand, is projected to grow by a robust 34.3 per cent.
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