New Delhi: 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 and corporate tax paid by individuals, came in at Rs 14.10 lakh crore, an increase of Rs 3.02 lakh crore over 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.
Meanwhile, the gross collection of goods and services (GST) for the month of March 2022 reached a new record high of Rs 1.42 lakh crore.
According to the data released by the finance ministry last Friday, March collections are up 6.8 per cent over the previous month, data released by the finance ministry on April 1 showed.
The total collection was Central GST Rs 25,830 crore, State GST Rs 32,378 crore, Integrated GST Rs 74,470 crore and Compensation Cess Rs 9,417 crore.
In March, the government settled Rs 29,816 crore to central GST and Rs 25,032 crore to state GST from integrated GST.