Tax Revenues Exceeded Budget Estimates By Rs 5 Lakh Crore In 2021-22

Tax revenues in 2021-22 exceeded Union Budget’s estimates by Rs 5 lakh crore, Revenue Secretary Tarun Bajaj stated on Friday.

Against the Union Budget estimates of Rs 22.17 lakh crore, the income collections as per the pre-actual figures was Rs 27.07 lakh crore, nearly Rs 5 lakh crore above the finances estimates, Mr Bajaj knowledgeable media individuals. 

The tax income within the Union Budget for 2021-22 was estimated at Rs 22.17 lakh crore in opposition to the revised estimates of Rs 19 lakh crore, with a progress of 17 per cent.

The Union Budget for 2021-22 was offered on February 1, 2021 when the primary Coronavirus wave had tapered off in India, however the world was dealing with successive waves.

The tax income throughout 2021-22 was 34 per cent larger than Rs 20.27 lakh crore recorded in 2020-21. The tax income assortment was led by 49 per cent bounce in income from direct taxes. Collection from oblique taxes grew by 20 per cent year-on-year.

This income progress has been propelled by speedy financial restoration after successive waves of Coronavirus, supported by one of many largest immunisation programme of the world run by the federal government, the Revenue Secretary stated.

He added that it additionally signifies a sturdy restoration within the financial system. “These were also supplemented with better compliance efforts in taxation. Various efforts were taken by tax administration on direct as well indirect taxes to nudge higher compliance through use of technology and artificial intelligence,” he stated.