Tax Collections Surge To Record High Of Rs 27.07 Lakh Crore In FY22

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.

While direct taxes showed a 49 per cent growth, indirect tax collections were up 30 per cent last fiscal year, said Revenue Secretary Tarun Bajaj. Image: Getty

New Delhi: 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.

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.

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.

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

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. 

Meanwhile, the gross collections of goods and services (GST) for the month of March 2022 hit a new record high of Rs 1.42 lakh crore.

According to the data released by the finance ministry last Friday, the March collections up 6.8 per cent from the previous month, data released on April 1 by the finance ministry showed.

The central GST was Rs 25,830 crore, state GST was Rs 32,378 crore, integrated GST was Rs 74,470 crore, and compensation cess was Rs 9,417 crore, of the total collections.

The government settled Rs 29,816 crore to central GST and Rs 25,032 crore to state GST from integrated GST in March.