Tax kitty to exceed Budget estimate in 2016-17, says Arun Jaitley

Stands by decision to advance Budget date; many states seek loosening of fiscal deficit rule

While some states have complained of declining tax revenues due to demonetisation, the Centre is hopeful of exceeding its Budget Estimates (BE) for 2016-17 in both direct and indirect tax collections.

It has reiterated the decision to advance the Budget presentation date to February 1, despite objections. 

“We will end this year with higher revenues for both direct and indirect taxes compared to the estimates,” said Finance Minister Arun Jaitley after the Goods and Services Tax Council meeting and pre-Budget consultation with state counterparts. 

The states raised concern over declining revenues and sought relaxation in the Fiscal Responsibility and Budget