India Tax collections scale up to record Rs 27.07 lakh cr in FY22

Revenue Secretary Tarun Bajaj said on Friday that India's tax collections rose 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, increased.

He told reporters here that the tax collection of Rs 27.07 lakh crore from April 2021 to March 2022 is higher than the budget forecast of Rs 22.17 lakh crore.

Direct taxes, which include personal income tax and corporation tax, totaled Rs 14.10 lakh crore, up Rs 3.02 lakh crore over the budget forecast.

Excise duty, for example, was Rs 1.88 lakh crore greater than the budget forecast. Indirect tax mop-up was Rs 12.90 lakh crore, he said, compared to the budget forecast of Rs 11.02 lakh crore. He stated that while direct tax revenues increased by 49 percent previous fiscal year, indirect tax collections increased by 30 percent.

The tax-to-GDP ratio increased to 11.7 percent in FY22, up from 10.3 percent in FY21. This was the greatest level of inflation since 1999.

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