Revenue Secretary Tarun Bajaj on Thursday mentioned tax income collections in ongoing fiscal 12 months are anticipated to be much better than the finances estimates.
Last fiscal 12 months, oblique taxes grew at 20 per cent and direct taxes at 49 per cent. The tax-to-GDP ratio in 2021-22 jumped to 11.7 per cent — the best since 1999. In 2020-21, the ratio was 10.3 per cent.
The nation’s tax collections soared to a file excessive of Rs 27.07 lakh crore final 12 months, in comparison with finances estimate of Rs 22.17 lakh crore.
Bajaj mentioned the federal government was capable of accumulate Rs 5 lakh crore extra in taxes than what was anticipated within the finances estimates for 2021-22, he mentioned.
“While we’re beginning the brand new monetary 12 months and are within the month of June, I would wish one other one month to make certain as to how we’re going forward with the income figures.
“But whatever indicators I have at the moment, I feel very optimistic, and think this year again, we will be able to do far better than we thought initially when we were making the budget as to how we will do,” Bajaj mentioned.
This is regardless of the truth that there have been some concessions on the customs responsibility, extra so on the excise responsibility on the oblique taxes, he mentioned.
Bajaj was talking on the Iconic Week celebration as a part of the ‘Azadi Ka Amrit Mahotsav’, to mark 75 years of India’s independence. The occasion was organized by the Central Board of Indirect Taxes and Customs (CBIC).
He mentioned on the Goods and Services Tax (GST) entrance, there was a wholesome progress of revenues.
“I am very hopeful that in the current year, the average revenues would be close to between Rs 1.40-1.50 lakh crore for the year as a whole as far as GST is concerned,” Bajaj mentioned.
Even on the direct taxes entrance, the preliminary indicators are good and there ought to be a wholesome progress of tax revenues on the market additionally, he famous.
Speaking on the financial system, he mentioned at present, the nation is going through some challenges on inflation, rising present account deficit, fiscal deficit and foreign money valuation.
“I think at this point of time, in our desire to control inflation both RBI and the government have taken a few steps and I hope these steps will bear fruit, and we will be able to see stability in our macro indicators in the times to come,” he added.
Source: www.financialexpress.com”