Tax revenue in 2021-22 exceeded Union budget estimates by Rs 5 lakh crore
Tax revenues in 2021-22 exceeded Union budget estimates by Rs 5 lakh crore, tax secretary Tarun Bajaj said on Friday.
Against the Union budget estimates of 22.17 lakh crore, revenue collections according to the pre-actual figures were Rs 27.07 lakh crore, nearly Rs 5 lakh crore above the budget estimates, Mr Bajaj informed media.
Tax revenue in the Union budget for 2021-22 was estimated at Rs 22.17 lakh crore against the revised estimates of Rs 19 lakh crore, with a growth rate of 17 percent.
The Union Budget for 2021-22 was presented on February 1, 2021, when India’s first wave of Coronavirus subsided, but the world faced successive waves.
Tax revenue in 2021-22 was 34 percent higher than Rs 20.27 lakh crore registered in 2020-21. Tax revenue collection was led by a 49 percent jump in direct tax revenues. Indirect tax collection grew 20 percent year on year.
This revenue growth was driven by a rapid economic recovery after successive waves of Coronavirus, supported by one of the largest government-run immunization programs in the world, the tax secretary said.
He added that it also means a strong recovery in the economy. “These were also complemented by better tax compliance efforts. Several efforts were made by the tax authorities on both direct and indirect taxes to drive higher compliance through the use of technology and artificial intelligence,” he said.
