FY20 gross tax revenue likely to fall short by around Rs 2 trillion

FinMin is said to have shared assessment with 15th FC

An internal assessment by the central government suggests that gross tax revenue for 2019-20 (FY20) may fall short by around Rs 2 trillion from the budgeted estimate of Rs 24.6 trillion, an official in the know told Business Standard.

This assessment is learnt to have been informally shared with the Fifteenth Finance Commission (15th FC), which had asked the finance ministry to give it a revised memorandum in the light of the current economic slowdown, tax trends, and fiscal situation. For 2018-19 (FY19), the gross tax revenue estimate was Rs 22.7 trillion, while provisional actuals, according to the FY19 Economic