India has given itself achievable targets for its tax collections, Finance Minister Nirmala Sitharaman said in an interview to news daily Hindustan Times, adding that goods and services tax (GST) collections could “absolutely” move higher.
India expects to rake in Rs 24.6 trillion ($358.97 billion) in gross tax revenue in 2019/20. Sitharaman, in her maiden budget last week, raised taxes on the super rich and gold imports in a bid to revive sagging growth.
GST collections fell below Rs 1 trillion ($14.59 billion) for the first time in the current fiscal year in June, projecting weak consumer demand.
“Everyone who thinks we have set stiff targets is probably only looking at GST collections, which slowed down during the elections, for whatever reason,” Sitharaman told Hindustan Times.
“I think we have given ourselves absolutely achievable targets, and after taking everyone on board.”.