Sunday, October 2nd, 2022 15:01:32

Tax collections touch all time high of 27 lakh crore rupees in financial year 2021-22

Updated: April 9, 2022 11:41 am

The Finance Ministry has said that tax collections during financial year 2021-22 has crossed 27 lakh crore rupees. This is five lakh crore rupees more than Budget Estimates of 22 lakh crore rupees and around 34 per cent more than in financial year 2020-21. Briefing media in New Delhi, Revenue Secretary Tarun Bajaj said, growth has been registered in the collection of Corporation Tax, Direct Tax and Indirect Tax.

Mr Bajaj said, the country’s economy is showing resilience after the COVID pandemic and the tax collection has been robust in the last fiscal year resulting in growth in direct and indirect taxes. Ministry said, 49 per cent growth has been registered in direct tax collection and 20 per cent in indirect tax collection during the financial year 2021-22. Mr. Bajaj said, last fiscal year marks the highest tax-GDP ratio of 11.7 per cent.

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