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FY22 gross tax revenue exceeds budget estimate by Rs 5 lakh crore
The tax buoyancy, which is a measure of growth in tax revenues as compared to GDP growth, for the year was 1.9 - 2.8 for direct taxes and 1.1 for indirect taxes.
The Centre's gross tax revenue for FY22 exceeded the budget estimate by almost ₹5 lakh crore, adding up to ₹27.07 lakh crore for the year against an estimated ₹22.17 lakh crore.
The sharp rise in the collections lifted the tax-GDP ratio to the highest ever 11.7% - 6.1% for direct taxes and 5.6% for indirect taxes.
The tax buoyancy, which is a measure of growth in tax revenues as compared to GDP growth, for the year was 1.9 - 2.8 for direct taxes and 1.1 for indirect taxes.
Revenue secretary Tarun Bajaj attributed the high collections to better compliance, and a resilient economy but cautioned the growth may not be as robust in the current year.
He said the ongoing Ukraine crisis is 'worrisome' and the high commodity prices and supply chain disruption may weigh on tax collections.
The gross corporate taxes for FY22 were ₹8.6 lakh crore, up 56% from a year ago while personal income taxes rose slightly less by 43% to ₹7.48 lakh crore
Team Edu-Visor