Central government tax revenue may reach its highest level in 17 years in fiscal 2014 on the back of the April 1 consumption tax hike and growth in corporate and individual income tax receipts, Finance Ministry officials said.

Tax revenue is estimated to total around ¥51.5 trillion, over ¥1 trillion more than was projected in December 2013 when an initial budget for the year through March 2015 was compiled, the officials said Monday.

Prime Minister Shinzo Abe's administration plans to tap the projected increase to fund an extra budget for the current fiscal year to prop up the economy, which has stalled following the consumption tax hike to 8 percent.