Decline in tax revenue collection narrows to 37% in May as economy picks up

The decline in tax revenue, before devolution to states, narrowed to 37 per cent in May, from 44 per cent in April. This was on the back of improved indirect tax collections due to signs of economic activity picking up as lockdown restrictions eased.

Gross tax revenue in May stood at Rs 58,533 crore, against Rs 93,389 crore in the same month last year, revealed the data by the Controller General of Accounts on Tuesday.

The Centre’s tax revenue at Rs 33,850 crore till May was just 2.1 per cent of the Budget target, against 7 per cent achieved last year during