August 16, 2022

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Tax Assortment 2022: Tax collections soar to report Rs 27.07 lakh crore in FY22

India’s tax collections soared to a report excessive of Rs 27.07 lakh crore within the fiscal yr ended March 31 as mop-up from revenue and different direct taxes in addition to oblique taxes jumped, Income Secretary Tarun Bajaj mentioned on Friday. Gross tax assortment of Rs 27.07 lakh crore throughout April 2021 to March 2022 compares with finances estimate of Rs 22.17 lakh crore, he informed reporters right here.

Direct taxes, which comprise revenue tax paid by people and company tax, got here in at Rs 14.10 lakh crore — Rs 3.02 lakh crore larger than the finances estimate.

Oblique taxes like excise obligation stood Rs 1.88 lakh crore larger than the finances estimate. In opposition to the finances estimate of Rs 11.02 lakh crore, oblique tax mop-up was Rs 12.90 lakh crore, he mentioned.

Whereas direct taxes confirmed a 49 per cent progress, oblique tax collections have been up 30 per cent final fiscal, he added.

The tax-to-GDP ratio jumped to 11.7 per cent in FY22 from 10.3 per cent in FY21. This was the best since 1999.

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