The Ministry of Finance has informed that Tax revenue collections are almost Rs 5 lakh crore above the estimated budget. The Union Budget presented on 1st February, 2022 had estimated at Rs 22.17 lakh crore, while the pre-actual figures are Rs 27.07 lakh crore.
This is a growth of 34% over last year’s revenue collection of Rs 20.27 lakh crore, led by growth of 49% in direct taxes and supported by 20% growth in indirect taxes.
Further, 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 from 0.9 in FY 20-21 back to 1.1 in FY 21-22. FY 21-22 has marked 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 gross corporate taxes during 2021-22 was Rs 8.6 lakh crore against Rs 6.5 lakh crore last year. During the year, Income tax department gave refunds of Rs 2.24 lakh core.
However, regarding Indirect Taxes, CGST revenues increased from Rs 4.6 lakh crore last year to Rs 5.9 lakh crore in FY 21-22. The average monthly gross GST revenue in FY 21-22 was Rs 1.23 lakh crore as compared to Rs 94,734 in FY 20-21. The value of e-way bills generated every month, has also been improved from Rs 16.9 lakh crore in January 2021 to Rs 25.7 lakh crore in March 2022.