Government Forecasts Increased Tax Revenue

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Jul. 14 – According to a senior finance official, the government expects tax revenue to increase to 100 billion- 120 billion rupees this year because of the country’s expanding economy.

Government measures like the stimulus package, limiting the scope of the personal income tax and easing monetary policy is also expected to spur more spending.

Gross tax revenue for the current fiscal year may reach 6.41 trillion rupees, an increase of 2 percent from the INR6.27 trillion collected a year earlier.

“The budget estimates have been conservative since we felt there was no need to set higher target, which we may not be able to achieve if the economy suffers some external shocks,” the unnamed official told Dow Jones Newswires.