FY22 tax kitty up 34% at record Rs 27.1 lakh crore

NEW DELHI: The country’s gross tax receipts surged to a record high of Rs 27. 1 lakh crore for 2021-22. This was due to robust revenues from income, corporate taxes, customs and GST on the back of a strong economic recovery and rising compliance.
The higher mop-up also led to the highest tax-to-GDP ratio in 23 years at 11. 7%. Against the Union Budget estimates of Rs 22. 2 lakh crore, the revenue receipts according to the pre-actual figures totalled Rs 27. 1 lakh crore, about Rs 5 lakh crore above the Budget estimate. This shows a growth of 34% over last year’s revenue collection of Rs 20. 3 lakh crore, led by 49% surge in direct taxes and supported by 20% growth in indirect taxes. This revenue growth has been propelled by rapid economic recovery after successive waves of Covid, supported by one of the largest immunisation programmes of the world run by the government.

Tax Kitty

“A lot of technology is being used where GST figures are now being matched with income tax figures and compliances are being ensured. All this has resulted in better compliance and better revenues, both in direct and indirect taxes,” revenue secretary Tarun Bajaj said.
He said that 2021-22 marks the highest tax-GDP ratio of 11. 7%, with direct tax-to-GDP ratio at 6. 1% and indirect taxto-GDP ratio at 5. 6%. Direct taxes, which include personal income tax and corporate tax, total.


Follow us for news, photos, videos, and the latest trends around the world & on the Internet. www.indianshri.com

Leave a Reply

Your email address will not be published.

Back to top