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‘Indirect tax mop-up in FY’19 may fall short by Rs.90,000 cr’

Friday, November 23, 2018

Indirect tax collections are likely to fall short by Rs 90,000 crore in the current fiscal on account of subdued GST mop-up and excise duty cut on petroleum products, an SBI research report said yesterday.

According to the Budget Estimate, the government proposed to mop up Rs 7.4 lakh crore from the goods and services tax (GST) and Rs 2.6 lakh crore from Union excise duties.

Excise duty was subsumed under GST, except on petroleum items and liquor & alcoholic products used for human consumption.

"We expect a shortfall of around Rs 90,000 crore in GST and excise collections, out of which Rs 10,500 crore is on account of reduction of excise duty on petroleum products by Rs 1.50 per litre," said SBI Ecowrap report.

Total GST collections come at Rs 6.78 lakh crore as compared with the 2018-19 Budget Estimate of Rs 7.44 lakh crore, including SGST and IGST. "If we exclude SGST and proceeds of IGST contributed to states, the GST collection of the Centre comes to Rs 3.46 lakh crore (47% of BE)," the report said.

However, it added that customs collections may overshoot the budgeted amount (Rs 1.12 lakh crore) by Rs 14,000 crore.

The report further said that for the second year in succession, direct tax collections are likely to be higher than the budgeted targets by at least around Rs 20,000 crore. In addition to this, the government is expected to add another Rs 20,000 crore to its kitty from evaded taxes.

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