NEW DELHI: India’s gross revenue collections for the financial year ending March 31, 2022, exceeded the budget estimates and revised estimates indicating a strong economic recovery, Revenue Secretary Tarun Bajaj said Friday.
As per the Government data, the gross revenue collection grew by nearly Rs 5 lakh crore to Rs 27.07 lakh crore, if compared with the budget estimates. The revised estimates for FY 22 were at Rs 25.16 lakh crore.
The tax collected in FY22 was 34% higher than the previous year. According to the Finance Ministry, 2021-22 marks the highest tax-GDP ratio of 11.7%, with direct tax to GDP ratio at 6.1% and indirect tax to GDP ratio at 5.6%.
“The tax buoyancy is at a very healthy figure of 1.9, with 2.8 for direct taxes and 1.1 for indirect taxes. The ratio of direct to indirect taxes recovered back to 1.1 in 2021-22 from 0.9 in 2020-21,” the Secretary said while interacting with the media. The gross corporate taxes during 2021-22 stood at Rs 8.6 lakh crore as compared with Rs 6.5 lakh crore in the previous year.
During the year, the Income Tax department gave refunds of Rs 2.24 lakh crore. “During last two years, the effort has been to clear backlog of refunds to infuse liquidity into the hands of businesses. During the year, 2.4 crore refunds were issued that included 2.01 crore related to the year 2021-22, for which the returns were filed till March 31, 2021,” the Finance Ministry official said.
With regard to indirect taxes, GST saw a robust growth during 2021-22 despite two waves of the Covid pandemic. CGST revenues grew from Rs 4.6 lakh crore last year to Rs 5.9 lakh crore in 2021-22. The average monthly gross GST revenue in 2021-22 was Rs 1.23 lakh crore as against Rs 94,734 crore in 2020-21 and Rs 1.01 lakh crore in 2019-20.