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With the net direct tax collection till October closing in on Rs 6 lakh crore and average monthly GST mop-up likely around Rs 1.15 lakh crore this fiscal, Revenue Secretary Tarun Bajaj has said the government's tax collection kitty will surpass budget estimates this financial year. Bajaj mentioned the relief in excise duty on petrol and diesel and customs duty on edible oil will cost the exchequer about Rs 80,000 crore this financial year, and the revenue department will start calculating the tax mop-up position vis-a-vis budget estimates for this fiscal after the December advance tax number.

The government has budgeted a 9.5 per cent growth in tax collections at Rs 22.2 lakh crore for 2021-22 fiscal (April-March). Of this, revenues from direct taxes are estimated to be around Rs 11 lakh, including Rs 5.47 lakh crore from corporate tax and Rs 5.61 lakh crore from income tax. In the last fiscal, the mop-up was Rs 20.2 lakh crore.

With regard to the goods and services tax (GST) revenues, he said the collections in November will also be good numbers but December mop-up will be little lukewarm. The pick-up in collections will be visible again in the March quarter.