India's revenue collection jumps 34% in FY 2021-22 over previous year: Ministry of Finance
India's tax revenues witnessed a jump of 34% in FY 2021-22 as compared to the previous year.
India's tax revenues witnessed a jump of 34% in FY 2021-22 as compared to the previous year. At Rs 27 Lakh crore this is a record tax collection in a post-pandemic economy, said the Ministry of Finance in a statement.
This figure is almost Rs. 5 lakh crore above the estimates of the Union Budget 2021-22, which stood at Rs. 22.17 lakh crore. This marks a growth of 34% over last year’s revenue collection of Rs. 20.27 lakh crore, led by growth of 49% in direct taxes and supported by 20% growth in indirect taxes.
See Zee Business Live TV Streaming Below:
"As a remarkable testimony to the rapid recovery of the Indian economy following successive waves of COVID-19, India reported revenue collections of Rs. 27.07 lakh crore (as per the pre-actual figures) in the financial year 2021-22. This figure is almost Rs. 5 lakh crore above the estimates of the Union Budget 2021-22," said the Ministry in a statement.
Source: Ministry of Finance
As per the ministry, the major factors which gave a boost to India's revenue collection in FY 2021-22 were due to slew of measures taken by the Prime Minster Narendra Modi led government, such as ease of filing ITR, faceless e-assessment, new AIS & GST reforms boosting compliance & fuelling tax Collection.
There was a decrease in tax collection in 2019-20 and 2020-21 due to the disruption in economic activity in wake of COVID, but the rise in tax collection in the financial year 2021-22 is evidence of a sharp rebound and an economy that is back on track.
The surge in tax revenues has lifted India’s tax-GDP ratio for the year 2021-22 to 11.7%. This includes a direct tax to GDP ratio at 6.1% and indirect tax to GDP ratio at 5.6%.
This significant revenue growth has been propelled by robust economic recovery following the onslaught of the global pandemic, supported by one of the largest immunization programme of the world run by the Government. This was also supplemented with better compliance efforts in taxation.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Tamil Nadu Weather Alert: Chennai may receive heavy rains; IMD issues yellow & orange alerts in these districts
Fundamental picks by brokerage: These 3 largecap, 2 midcap stocks can give up to 28% return - Check targets
SIP vs PPF: How much corpus you can build in 15 years by investing Rs 1.5 lakh per year? Understand through calculations
SIP+SWP: Rs 10,000 monthly SIP for 20 years, Rs 25 lakh lump sum investment, then Rs 2.15 lakh monthly income for 25 years; see expert calculations
Top 7 Mutual Funds With Highest Returns in 10 Years: Rs 10 lakh investment in No 1 scheme has turned into Rs 79,46,160 in 10 years
SBI Senior Citizen Latest FD Rates: What senior citizens can get on Rs 7 lakh, Rs 14 lakh, and Rs 21 lakh investments in Amrit Vrishti, 1-, 3-, and 5-year fixed deposits
07:37 AM IST