India’s tax revenue has risen sharply to Rs 27.07 lakh crore in the financial year ended March 31 as rising revenue and other direct taxes and indirect taxes, Finance Secretary Tarun Bajaj said on Friday. Total tax collection of Rs 27.07 lakh crore from April 2021 to March 2022 compared to the budget budget of Rs 22.17 lakh crore, he told reporters here.
Direct taxes, which include personal income tax and business tax, amounted to Rs 14.10 lakh crore – Rs 3.02 lakh crore above budget.
Indirect taxes such as property taxes stand at Rs 1.88 lakh crore above the budget limit. Contrary to the budget estimate of Rs 11.02 lakh crore, the indirect tax increase was Rs 12.90 lakh crore, he said.
Although direct taxes show a 49 percent increase, indirect tax collection increased by 30 percent in the final income, he added.
The tax rate on GDP has risen to 11.7 percent in FY22 from 10.3 percent in FY21. This has been the highest since 1999.