Tax collection registers an increase of Rs 27.07 lakh crore in FY 2012

Revenue Secretary Tarun Bajaj on Friday said India’s tax collection hit a record high of Rs 27.07 lakh crore in the financial year ended March 31, as there was a jump in indirect taxes along with income and other direct taxes. He told reporters here that the gross tax collection during April 2021 to March 2022 is Rs 27.07 lakh crore as compared to the budget estimate of Rs 22.17 lakh crore.

Direct tax, which includes income tax paid by individuals and corporate tax, came in at Rs 14.10 lakh crore – Rs 3.02 lakh crore more than the budget estimate. Indirect taxes like excise duty are Rs 1.88 lakh crore more than the budget estimate. He said the indirect tax collection was Rs 12.90 lakh crore as against the budget estimate of Rs 11.02 lakh crore.

He said that while direct taxes grew by 49 per cent, indirect tax collections grew by 30 per cent in the last financial year. The tax-to-GDP ratio rose to 11.7 per cent in FY12 from 10.3 per cent in FY2011. This was the highest since 1999.