homevideos Newseconomy NewsExpect tax collections to beat revised estimates figures: Revenue Secy Tarun Bajaj
Expect tax collections to beat revised estimates figures: Revenue Secy Tarun Bajaj
Revenue Secretary Tarun Bajaj, in an interview with CNBC-TV18, said that the revenue collection numbers are being consolidated and indicated that the numbers are far better than expectations.
Revenue Secretary Tarun Bajaj, in an interview with CNBC-TV18, said that the revenue collection numbers are being consolidated and indicated that the numbers are far better than expectations.
“I will only say that while the numbers are still being consolidated, but the numbers are far better than what we had expected and what we had mentioned in the revised estimate (RE) figures. So, both on the direct tax and indirect tax, I am expecting that the final numbers that come will be much above the RE figures and that is a good sign for the economy,” he said.
He also said that he admires the corporate sector’s resilience. He said that even though the first quarter was a washout, gross direct tax from corporates is not much lower than what it was in 2019-2020.
Bajaj said that the expenditure also would be higher than the RE figures. However, he expects fiscal deficit to be slightly lower than anticipated.
He also said that the inflation for the quarter ended March 31 would be lower than 6 percent. Bajaj added that the prices of fruits, vegetables, and proteins is coming down and they are closely watching the inflation figures in the coming quarters.
“Inflation pinches the poor much more than it pinches the rich. So, we need to keep a watch. Working along with the Reserve Bank of India (RBI), we should be able to keep it at a level which is tolerable,” he said.
According to Bajaj, the second wave of coronavirus has come, but India is much better prepared to fight it. He said that the second wave has not caused much panic as compared to the first wave because of the vaccine rollout as well as our health infrastructure being far better than what we had at the start of the pandemic.
He also said that the second wave is hampering the economy, but lockdowns are not an answer to the pandemic. He said that one needs to learn to fight corona on one side and work on economic progress on the other.
On GST collections, Bajaj said that they should be able to continue getting robust collections as the economy is doing much better than what was expected. He also said that technology has helped in improving compliance and he expects Rs 1 lakh crore plus should become a norm rather than an exception.
Bajaj believes that fuel excise cut is a complicated issue and there is a need for the states and central government to work in tandem on this issue. However, he said that petroleum prices have seen a downward trend in the very recent past and they will take a call after seeing how things pan out.
On the RoDTEP rates, he said that the GK Pillai panel has submitted the first and second report which are currently being examined. Assuring the exporters, he said that they will soon notify the RoDTEP rates in consultation with the commerce ministry.
He also said that they have received representations from those involved in cryptocurrencies. However, he said there is a need for further discussion and they will come up with a bill for cryptocurrencies if necessary.
For the full interview, watch the video.
(Edited by : Abhishek Jha)
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