Tax revenues in 2021-22 exceeded Union Budget’s estimates by ₹ 5 lakh crore
EconomyReported by Himanshu Shekhar Mishra, Edited by Animesh Singh (with inputs from ANI)Updated: April 08, 2022 8:24 pm IST
Tax revenues in 2021-22 exceeded Union Budget’s estimates by ₹ 5 lakh crore, Revenue Secretary Tarun Bajaj said on Friday.
Against the Union Budget estimates of ₹ 22.17 lakh crore, the revenue collections as per the pre-actual figures was ₹ 27.07 lakh crore, almost ₹ 5 lakh crore above the budget estimates, Mr Bajaj informed media persons.
The tax revenue in the Union Budget for 2021-22 was estimated at ₹ 22.17 lakh crore against the revised estimates of ₹ 19 lakh crore, with a growth of 17 per cent.
The Union Budget for 2021-22 was presented on February 1, 2021 when the first Coronavirus wave had tapered off in India, but the world was facing successive waves.
The tax revenue during 2021-22 was 34 per cent higher than ₹ 20.27 lakh crore recorded in 2020-21. The tax revenue collection was led by 49 per cent jump in revenue from direct taxes. Collection from indirect taxes grew by 20 per cent year-on-year.
This revenue growth has been propelled by rapid economic recovery after successive waves of Coronavirus, supported by one of the largest immunisation programme of the world run by the government, the Revenue Secretary said.
He added that it also signifies a robust recovery in the economy. “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 said.