Budget 2021: Centre sees Rs 5 lakh crore shortfall in tax revenue in FY21

The central government's tax collection fell short of its 2020-21 target by Rs 5.2 lakh to Rs 19 lakh crore. The Budget 2020-21 had estimated Rs 24.2 lakh crore gross tax collection.

This is lower than previous year's Rs 20 lakh crore. The shortfall is largely on account of a shortfall of Rs 2.34 lakh crore in corporate taxes. The budget 2020-21 had estimated Rs 6.8 lakh crore against which the collection as per the revised estimate is Rs 4.46 lakh crore.

The short fall in income tax collection has been to the tune of Rs 1.8 lakh crore against budget estimate of Rs 6.38 lakh crore. As per revised estimate the income tax collection will be around Rs 4.59 lakh crore.

Centre's GST collection is likely to be around Rs 5.15 lakh crore against the Budget target of Rs 6.9 lakh crore.

Also read: Budget 2021

Also read: Budget 2021 Live Updates: No relief for middle class as I-T slabs remain unchanged; govt focuses on health, infra boost

Also read: Budget 2021 speech highlights: IPO of LIC to come in 2021-22, says FM