India’s tax collections rose to a record high of Rs. 27.07 lakh crore (US$ 356.83 billion) in FY22 as mop-up from income and other direct taxes and indirect taxes increased, according to Mr. Tarun Bajaj, Secretary, Department of Revenue.
The tax collection of Rs. 27.07 lakh crore (US$ 356.83 billion) from April 2021-March 2022 is higher than the budget forecast of Rs. 22.17 lakh crore (US$ 292.24 billion).
Direct taxes, which include personal income tax and corporation tax, totalled Rs. 14.10 lakh crore (US$ 185.86 billion), an increase of Rs. 3.02 lakh crore (US$ 39.81 billion) over the budget forecast.
Excise duty at Rs. 1.88 lakh crore (US$ 24.78 billion) was greater than the budget forecast. Indirect tax mop-up stood at Rs. 12.90 lakh crore (US$ 170.04 billion), compared to the budget forecast of Rs. 11.02 lakh crore (US$ 145.26 billion).
While direct tax revenues increased by 49% previous fiscal year, indirect tax collections increased by 30%.
The tax-to-GDP ratio increased to 11.7% in FY22, up from 10.3% in FY21. This was the greatest level of inflation since 1999.
Source: IBEF
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