The revised budget estimates pegged gross tax revenue growth at 24.1% for FY22. But the first three quarters (AprilDecember 2021) had already clocked in a 44.2% increase, which means, the revised estimates imply that gross tax revenue will decline by 14.8% in Q4, as per an RBI article titled Union Budget 2022-23: Some pleasant fiscal arithmetic, released last week.
This, despite the historical norm of receiving significant proportion of tax revenue (33.2% on average with a y-o-y growth of 12%) in the last quarter of any given fiscal year.
Based on actual tax collections data for April-January FY22, revised estimates suggest an implicit decline of 18.4% in gross tax revenue during the months of February and March 2022, while the implicit decline in corporation tax, income tax, GST, customs duty and excise duty works out to 29.2%, 26.5%, 2.3%, and 20.7%, respectively, the article noted.
This story is from the March 20, 2022 edition of The Morning Standard.
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This story is from the March 20, 2022 edition of The Morning Standard.
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