India has gained another weight. This time economically as its tax collections have gone up to a record high of Rs 27.07 lakh crore in the fiscal year ended March 31,2022.
The income and other direct taxes as well as indirect taxes have also gone up to a record jump. This was revealed in New Delhi today by Revenue Secretary Tarun Bajaj .
PTI report provides details saying that “Gross tax collection of Rs 27.07 lakh crore during April 2021 to March 2022 compares with budget estimate of Rs 22.17 lakh crore.”
Bajaj informed that direct taxes comprising income tax paid by individuals and corporate tax, has touched Rs 14.10 lakh crore -- Rs 3.02 lakh crore higher than the budget estimate.
“Indirect taxes like excise duty stood Rs 1.88 lakh crore higher than the budget estimate. Against the budget estimate of Rs 11.02 lakh crore, indirect tax mop-up was Rs 12.90 lakh crore”, PTI report quotes Bajaj as saying.
“While direct taxes showed a 49 per cent growth, indirect tax collections were up 30 per cent last fiscal”, Bajaj has said.
“The tax-to-GDP ratio jumped to 11.7 per cent in FY22 from 10.3 per cent in FY21. This was the highest since 1999.”
( Inputs courtesy PTI)