Assuming this run rate holds for Dec-March, Nov-March FY22 will see Rs 6.5 lakh crore. Collection in the past few months is trending over Rs 1.3 lakh crore. GST: Per the same conservative analysis, CGST too may increase by Rs 36,000 crore. The current run rate could generate much higher income taxes. Estimating total by adding Nov-March FY21 collections of Rs 2.7 lakh crore to this gives us an I-T total Rs 5.77 lakh crore-beating BE by Rs 16,400 crore. Income tax: Actual I-T tax collections for April-Oct FY22 are Rs 3.11 lakh crore. Total CT FY22 could be Rs 1.5 lakh crore over the BE of Rs 5.5 lakh crore. If not that much, CT will at least hit the FY19 peak of Rs 1.9 lakh crore, higher by Rs 80,000 crore from the March FY21 CT. If the 92% increase in current CT is applied for March as well, it would be Rs 2.05 lakh crore. March collections (see graphic) over four years shows CT March FY21 was the lowest-due to the high volume of refunds processed. This is Rs 68,330 crore higher than the budget estimate of Rs 5.47 lakh crore.

Adding to this Rs 2.85 lakh crore estimated from Nov-Mar FY21 shows a conservative estimate of Rs 6.15 lakh crore total in FY22. An analysis of individual tax headings indicates it could be even higher.Д¬orporation tax (CT): April-Oct FY22 collections is Rs 3.3 lakh crore, a 92% increase over the same last year. This indicates nearly Rs 3 lakh crore over the BE FY22 of Rs 22.2 lakh crore. A conservative estimate for FY22 totals is Rs 25.1 lakh crore in GTR. Actual GTR collections in FY22 is Rs 13.64 lakh crore, compared to Rs 8.76 lakh crore in FY21 and Rs 10.52 lakh crore in FY20 in the same period.

Gross beat banks