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Tax Collections Soar to Record Rs 27.07 Lakh Crore in Fy22

India’s tax revenue hit a record high of Rs 27.07 lakh crore in the fiscal year ended March 31 as the cleanup of revenue and other direct taxes as well as indirect taxes surged, said Revenue Secretary Tarun Bajaj on Friday.

The gross tax collection of Rs 27.07 lakh crore from April 2021 to March 2022 compares to the budget estimate of Rs 22.17 lakh crore, he told reporters.

Direct taxes, which include income tax paid by individuals and corporation tax, came in at Rs 14.10 lakh crore – Rs 3.02 lakh crore higher than the budget estimate.

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Indirect taxes like excise duties were Rs 1.88 crore higher than the budget estimate. Against the budget estimate of Rs 11.02 lakh crore, the indirect tax catch-up was Rs 12.90 lakh crore, he said.

While direct taxes grew by 49%, indirect tax collections increased by 30% in the last fiscal year, he added. The tax-to-GDP ratio climbed to 11.7% in FY22 from 10.3% in FY21, the highest since 1999.

(Edited by : Jomy Jos Pullokaran)

First post: STI

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