New Delhi: The country’s gross tax receipts hit a record high of Rs 27 lakh crore for 2021-22. This was on the back of strong revenue from income, corporate taxes, customs and GST on the back of a strong economic recovery and increased compliance.
The high mop-up led to the highest tax-to-GDP ratio in 23 years at 11.7%. against Union Budget 22. Estimated at Rs 2 lakh crore, the total revenue receipts as per the pre-actual figures are Rs 27.1 lakh crore, which is about Rs 5 lakh crore more than the revenue receipts. Budget assessment. This shows a growth of 34% as compared to last year’s revenue collection of Rs 20.3 lakh crore, led by 49% growth in direct taxes and 20% growth in indirect taxes. This revenue growth has been driven by rapid economic recovery after successive waves covidSupported by one of the world’s largest vaccination programs run by the government.
The high mop-up led to the highest tax-to-GDP ratio in 23 years at 11.7%. against Union Budget 22. Estimated at Rs 2 lakh crore, the total revenue receipts as per the pre-actual figures are Rs 27.1 lakh crore, which is about Rs 5 lakh crore more than the revenue receipts. Budget assessment. This shows a growth of 34% as compared to last year’s revenue collection of Rs 20.3 lakh crore, led by 49% growth in direct taxes and 20% growth in indirect taxes. This revenue growth has been driven by rapid economic recovery after successive waves covidSupported by one of the world’s largest vaccination programs run by the government.
“A lot of technology is being used where now the GST figures are being matched with the Income Tax figures and compliance is being ensured. All this has resulted in better compliance and better revenue in direct and indirect taxes,” said the Revenue Secretary. Tarun Bajaj said.
He said that the highest tax-GDP ratio is 11.7% in 2021-22, with direct tax-GDP ratio at 6.1% and indirect tax-GDP ratio at 5.6%. Direct taxes, which include personal income tax and corporate tax, total.