FY22 tax kitty up 34% at record Rs 27.1 lakh crore – Times of India

NEW DELHI: The nation’s gross tax receipts surged to a file excessive of Rs 27. 1 lakh crore for 2021-22. This was attributable to strong revenues from earnings, company taxes, customs and GST on the again of a powerful financial restoration and rising compliance.
The upper mop-up additionally led to the very best tax-to-GDP ratio in 23 years at 11. 7%. Towards the Union Budget estimates of Rs 22. 2 lakh crore, the income receipts in response to the pre-actual figures totalled Rs 27. 1 lakh crore, about Rs 5 lakh crore above the Budget estimate. This reveals a development of 34% over final yr’s income assortment of Rs 20. 3 lakh crore, led by 49% surge in direct taxes and supported by 20% development in oblique taxes. This income development has been propelled by fast financial restoration after successive waves of Covid, supported by one of many largest immunisation programmes of the world run by the federal government.

“A variety of know-how is getting used the place GST figures at the moment are being matched with earnings tax figures and compliances are being ensured. All this has resulted in higher compliance and higher revenues, each in direct and oblique taxes,” income secretary Tarun Bajaj stated.
He stated that 2021-22 marks the very best tax-GDP ratio of 11. 7%, with direct tax-to-GDP ratio at 6. 1% and oblique taxto-GDP ratio at 5. 6%. Direct taxes, which embrace private earnings tax and company tax, complete.

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