Tax revenue in 2021-22 exceeds Union Budget estimates by Rs 5 lakh crore
Revenue Secretary Tarun Bajaj on Friday said the tax revenue in 2021-22 is Rs 5 lakh crore more than the Union Budget estimates.
Bajaj told media persons that as against the Union Budget Estimate of Rs 22.17 lakh crore, the revenue collection as per pre-actual figures was Rs 27.07 lakh crore, which was nearly Rs 5 lakh crore more than the budget estimate.
The tax revenue in the Union Budget for 2021-22 was estimated at Rs 22.17 lakh crore, while the revised estimate stood at Rs 19 lakh crore, an increase of 17 per cent.
The Union Budget for 2021-22 was presented on February 1, 2021, when the first coronavirus wave subsided in India, but the world was facing continuous waves.
The tax revenue during 2021-22 was 34 per cent higher than the Rs 20.27 lakh crore recorded in 2020-21. Tax revenue collections were led by a 49 percent increase in revenue from direct taxes. Collections from indirect taxes increased by 20 per cent year-on-year.
The revenue secretary said this revenue growth is driven by rapid economic recovery following successive waves of coronavirus backed by one of the world’s largest immunization programs run by the government.
He said it also marks a strong recovery in the economy. “These were also supplemented with better compliance efforts in taxation. Several efforts were made by the tax administration on direct and indirect taxes to reduce the high compliance through the use of technology and artificial intelligence,” he said.