Thursday, June 20, 2024
HomeTrendsTax collections soar to record Rs 27.07 lakh cr in FY22

Tax collections soar to record Rs 27.07 lakh cr in FY22

Tax collections soar to record Rs 27.07 lakh cr in FY22

India’s tax collections soared to a record high of Rs 27.07 lakh crore in the fiscal year ended March 31 as mop-up from income and other direct taxes as well as indirect taxes jumped, Revenue Secretary Tarun Bajaj said on Friday.

Gross tax collection of Rs 27.07 lakh crore during April 2021 to March 2022 compares with budget estimate of Rs 22.17 lakh crore, he told reporters here.

India's tax collections soar to record Rs 27.07 lakh crore in FY22 |  Economy News | Zee News

Direct taxes, which comprise income tax paid by individuals and corporate tax, came in at Rs 14.10 lakh crore — Rs 3.02 lakh crore higher than the budget estimate.

Tax collections soar to record Rs 27.07 lakh crore in FY22 | Deccan Herald

Indirect taxes like excise duty stood Rs 1.88 lakh crore higher than the budget estimate. Against the budget estimate of Rs 11.02 lakh crore, indirect tax mop-up was Rs 12.90 lakh crore, he said.

Tax Collections Surge to Record Rs 27.07 Lakh Crore in FY22

While direct taxes showed a 49 per cent growth, indirect tax collections were up 30 per cent last fiscal, he added.

Tax Collections Soar To Record Rs 27.07 Lakh Cr In FY22

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

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here
Captcha verification failed!
CAPTCHA user score failed. Please contact us!

- Advertisment -

Most Popular

Recent Comments