Govt upbeat on tax mop-up despite growth moderation

The government remains hopeful of tax collections remaining robust despite a moderation in growth rates in recent weeks, which is partly due to full data not being captured as well as some impact of the base effect. Latest direct taxes data released by the finance ministry indicated that the growth rate in gross collections had slowed from nearly 40% in June to 23.8% during the fiscal year up to October 8, when the mop-up rose to just under Rs 9 lakh crore. Net of refunds, collections were 16.3% higher at around Rs 7.5 lakh crore.

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