Tax collections touches Rs.27.07 crore in 2021-22
Revenue secretary Tarun Bajaj said that both income and other direct taxes, as well as indirect taxes, jumped in 2021-2022, PTI reported.
New Delhi: The revenue department has said that country’s tax collections has touched a record high of Rs. 27.07 crore in 2021-22 as mop-up from income and other direct taxes.
Revenue secretary Tarun Bajaj said that both income and other direct taxes, as well as indirect taxes, jumped in 2021-2022, PTI reported.
Direct taxes, which comprise income tax paid by individuals and corporate tax, came in at ₹ 14.10 lakh crore - ₹ 3.02 lakh crore higher than the budget estimate, Tarun Bajaj said.
Indirect taxes like excise duty stood ₹ 1.88 lakh crore higher than the budget estimate. Against the budget estimate of ₹ 11.02 lakh crore, indirect tax mop-up was ₹ 12.90 lakh crore, Mr Bajaj explained.
While direct taxes showed a 49 per cent growth, indirect tax collections were up 30 per cent last fiscal, he said, quoted by PTI.
The tax-to-GDP ratio jumped to 11.7 per cent in 2021-22 from 10.3 per cent in 2020-21. This was the highest since 1999.
Meanwhile, J.B. Mohapatra, Chairman of CBDT said that the direct taxes as of 31st March has reached 14.09 lakh crore, this shows an outstanding year. We would have achieved a mere 12.50 lakh crore if the trend was to be believed. So this shows the benefits of credible measures and reforms that were done.
Ritvik Ranjanam Pandey, Joint Secretary Revenue said that the monthly GST revenues during the yr have gone to Rs 1.23 lakh crore from Rs 94 lakh crore last year. We have been seeing in recent months that it must be touching Rs 1.4 lakh crore in recent months. This has happened because of improvement in return filling:
