Corporate tax this fiscal likely to exceed Budget Estimates by 19%

Direct, indirect tax revenues have been a bright spot for Centre in FY22

After two years of shortfall, corporate tax collections in 2021-22 (FY22) are set to cross budgeted targets by quite a margin. The Revised Estimates (RE) for corporation tax in the current fiscal year could be around Rs 6.5 trillion, Business Standard has learnt. This is nearly a 19 per cent jump over the Budget Estimates (BE) of Rs 5.47 trillion.

Direct and indirect tax revenues have been a bright spot for the central government this year, a reflection of strong economic revival in spite of two waves of the Covid-19 pandemic, one of which is still under way.

This is welcome news