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India expects 10% more tax revenue this fiscal as fuel prices still hot

India expects 10% more tax revenue this fiscal as fuel prices still hot

New Delhi: Amid the relentless fuel prices surge, the Union government expects a revenue collection of 10% above budget during the current financial year, showing the signs of the Indian economy back on pre-pandemic levels.

A report quoting officials from the Finance Ministry said that the revenue collection expectation has beaten the forecasts for the first time in four years.

Revenue from tax was not appealing even before the COVID emergence and the pandemic induced pains in the economy further worsened the wounds pushing the economy into a deep recession.

But the key indicators show the strong recovery of the economy from the second COVID wave slapped doom thanks to the revival of the retail sales as well as the exports that marked a record surge.

India's economy grew 20.1% between April and June, versus a 24.4% contraction during the same period last year.

Reports suggested that the country's economic recovery is happening faster than expected pace while the tax collection could go up against what was previously estimated.

If tax payments remain strong and the government is able to hit the 2021-22 target for revenues from its ongoing privatisation programme, then it will be able to beat its fiscal deficit projection of 6.8% by as much as 30-40 basis points, reports said.

India aims to raise 1.75 trillion rupees in the current fiscal year through sales of stakes in state-run companies and is hoping the sale of Air India to conglomerate Tata will provide an impetus.

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