TAX COLLECTION

April 27, 2022

India’s net direct tax collections amounted to ₹14,09,640.83 crore for FY22, which is the highest collection ever, signaling that the Indian economy has bounced back after two years of the pandemic, Central Board of Direct Taxes (CBDT) Chairman J.B. Mohapatra said.

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As against ₹14.09 lakh crore this year, our collection in 2020-21 was only ₹9.45 lakh crore. In a single year, we moved upward by nearly ₹4.5 lakh crore, registering a growth of 49%.
The collection is the best-ever as far as income tax and corporation tax are concerned.
The direct tax-to-GDP ratio is around 12%,” he added, noting that the CBDT was working to raise the ratio to 15-20% in 5-10 years.
“The direct tax collection this year has surpassed the indirect tax collection which was other way round till last year. It is now 52%... our aim is to look at 60% of tax contribution coming from direct taxes in some years,” said the CBDT chairman.

Source : The Hindu