To save the people of the country from the coronavirus, where the government has opened the treasury, on the other hand, the amount coming into the treasury has got a bad eye. Both direct tax and GST are expected to fall in tax collection not only in the current financial year but also in the next financial year. In the current financial year 2019-20, the GST collection may fall by up to 5% against the revised target.
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According to the data released by the Finance Ministry regarding this matter, the actual collection of GST tax till February 29 this year was 8.75 lakh crore, which is 1.11 lakh crore less than the revised estimated target. The revised estimated target of indirect tax collection is 9.86 lakh crore. According to tax experts, given the trend of tax collection, if the government manages to recover 12% of the total target in March, then there may be a drop of 6000 crores against the target.
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According to the information given by the Finance Minister to the Rajya Sabha, the total collection of direct tax till March 10 of the current financial year 2019-20 was Rs 8.63 lakh crore, which is the revised estimated target of 11.70 lakh for the current financial year. 3.06 crore was less than crore. Earlier, this target was Rs 13.35 lakh crore, which was revised in the budget presented on February 1. Although tax experts believe that tax collection picks up in the last 15-20 days, it is not possible to achieve the revised target. SBI Group Chief Economic Advisor Dr. S.K. According to Ghosh's estimate, there may be a decrease of 1.2 lakh crore (about 10 percent) in direct tax collection in the current financial year.
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