New Delhi: Tax revenue in the financial year ended March 31, 2022, rose to Rs 27.07 lakh crore, which is nearly Rs 5 lakh crore more than the budgetary estimate of Rs 22.17 lakh crore for the year, Union Finance Ministry said on Friday.
The tax revenue during 2021-22 is 34 per cent higher than Rs 20.27 lakh crore recorded in 2020-21. The tax revenue collection is 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 COVID, supported by one of the largest immunisation programme of the world run by the Government, Revenue Secretary Tarun Bajaj said at a media briefing here.
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.
2021-22 marks the highest tax-GDP ratio of 11.7 per cent, with direct tax to GDP ratio at 6.1 per cent and indirect tax to GDP ratio at 5.6 per cent.