FY11 tax collection may top budget estimate

India’s tax collections could beat budget estimates of  Rs 7.46 trillion or Rs 7.46 lakh crore (USD 160 billion) in the fiscal year to end-March 2011, Revenue Secretary Sunil Mitra said on Friday.

That, together with non-tax receipts could lower the fiscal deficit to below the targeted 5.5% of GDP, he told Reuters in an interview, adding that this could result in federal borrowing being reduced from the record Rs 4.57 trillion or Rs 4.57 lakh crore budgeted for the current fiscal year.