India’s tax collections could beat budget estimates of Rs 7,46,000 crore ($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 per cent of GDP, he said in an interview, adding that this could result in federal borrowing being reduced from the record Rs 4,57,000 crore budgeted for the current fiscal year.

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