Indian economy had slumped by 24.4% in the corresponding year last year
The tax revenue was only 28% of BE of 2020-21 in the year-ago period, which was at Rs 9.2 lakh crore of the total receipts.
From a fiscal perspective, the report estimates the consolidated deficit to narrow to 9.8% of GDP in the current year from 13.4% in FY21
The finance secretary also downplayed concerns about the taper tantrum or the impact of the withdrawal of excess liquidity in developed markets.
The government estimates a deficit of 6.8% of GDP, or Rs 15,06,812 crore, in the current fiscal year.
Gross borrowings includes repayments of past loans. For the next financial year, repayment for past loans has been pegged at Rs 2.80 lakh crore
The revised forecast showed a 1% decline due to the ill effects of the second wave of the Covid-19 pandemic.
The agency mentioned in the report that it expects the aggregate fiscal deficit of Indian states to moderate to 4.1% of the gross domestic product.
GDP growth for the year (FY22) is expected to be 8.8-9% with GVA (gross value added) growth of 7.8%.
Corporate tax collections helped the Centre contain fiscal deficit to only Rs 1.2 lakh cr in April-May 2021 in place of Rs 3.5 lakh cr last year