indian-economy-GDP-1Indian The economy is continuously improving. tax collection The increase is a clear indication of this. The position is that the total tax collected by the country- GDP Ratiohas now reached a two-decade high. Along with this, India’s gross tax collection is also at a new record level. This information has been received from the data given by Revenue Secretary Tarun Bajaj. According to the data, India’s gross tax collection in the financial year ended March stood at Rs. 27 lakh crores. According to the secretary, the increase was due to a sharp increase in corporate taxes and customs duties. According to the secretary, there has been an increase of 49 per cent in direct tax collection and 20 per cent in indirect tax collection due to the growth in the economy and the steps taken by the government.

Tax to GDP ratio at record high

According to the data, the tax to GDP ratio of the country has increased to 11.7 percent in the year 2021-22. Which is the highest level since 1999. In 1999, the tax-to-GDP ratio was 10.3 percent. With the growing economy, the increase in tax collection is a good sign. This means that as the economy expands, the taxable income of people and companies is also increasing. The revenue secretary said that direct tax was higher than direct tax in the year 2021-22 and it is expected that this increase will continue. With this, the rate of growth in tax collection is more than twice the growth of marginal GDP. According to the secretary, these signs are very good for the economy and it is expected that the pace of tax collection will continue along with the economy. However, he also admitted that achieving such high bounce figures will not be easy.

Tax collection more than budget estimate

As per the data the total tax collection for the period April 2021 to March 2022 is Rs. 27.07 lakh crore, which is Rs. 5 lakh crores more. This is 34 per cent more than the tax collected in 2020-21. Of this, the share of direct taxes is over Rs 14 lakh crore, which is an increase of 49 per cent. According to the secretary, this increase has been achieved after a long time. Corporate taxes have increased by over 56 per cent. According to Bajaj, the measures taken by the government to curb GST evasion have had a significant impact. The government has estimated the direct tax collection for the year 2022-23 at Rs. 14.2 lakh crore out of which Rs. 7.2 lakh crore for corporate tax and Rs. Rs 7 lakh crore has been earmarked for personal income tax. Bajaj fears that the Russia-Ukraine crisis could have a detrimental effect on the economy. The biggest concern is about commodity prices.

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