“Despite a dimming of the favourable base, the government of India’s gross tax receipts increased by 50% in September 2021, owing to solid advance taxes and the formalisation of the economy,” Aditi Nayar, ICRA’s chief economist, stated.
Tax receipts were Rs 9.2 lakh crore, or 60% of BE, while non-tax receipts were Rs 1.6 lakh crore, or 66% of BE.